Petroleo Brasileiro SA and the UK’s BG Group have made a second major oil find in Brazil’s Santos Basin.

The Guara exploration well struck oil in the BM-S-9 concession area – the same block as September’s Carioca discovery, which could contain as many as 33 billion barrels of oil.

“There are those who will tell you that oil is a cyclical business and a global fungible commodity,” says Christian DeHaemer in Taipan Daily.

It’s a runaway bull market for a trend we’ve been covering since last year… “the basics.”

Oil exploration experts have predicted that Brazilian oil find – the Tupi deposit and possible offshore fields nearby – may cost up to $240 billion to exploit.

But if the prospects turn out to hold $6 trillion of petroleum, they’ll kick the emerging market into the premier league, making it one of the world’s ten largest oil producers.

“There are those who will tell you that oil is a cyclical business and a global fungible commodity,” says Christian DeHaemer in Taipan Daily.

Early this week, we introduced the idea of buying the ABCs – Australia, Brazil, and Canada – as a way to own commodities for the long term. Several DailyWealth readers wrote to ask, “Great… but what about Russia?”

Nearly 90 years ago, German researchers Franz Fischer and Hans Tropsch developed a process that will solve our energy crisis. Today the term “Fischer-Tropsch” is seen frequently in articles about synthetic fuels.

Wall Street firm Goldman Sachs made the term “BRICs” famous in a 2003 research report.

The PowerShares Clean Energy ETF (PBW) debuted in April 2005.

High gas prices continue to affect American motorists, staying at record highs for the 13th day in a row, according to the AAA.

CNN reports that US gas prices have now risen for 14 straight days.

According to the report: “For the first time since 2002, Americans plan to drive less on the holiday weekend than they did the year before, with high gasoline prices in a weak economy a prime reason.”

Gulf States are raining money. With oil hitting $127 a barrel, the world population soaring and demand for scarce commodities at an all time high… these resource-rich emerging markets are being flooded with investment.

Despite what you read from the financial newsletter industry, there aren’t many secrets left in the mining sector.