The government announced that it would be replacing Petrobras CEO Joaquim Silva e Luna. While the timing of the announcement didn’t seem to be entirely by chance, the switch was weeks in the making. President Bolsonaro had grown furious at Mr. Luna e Silva since Petrobras announced massive fuel price rises on March 10.
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Guest:
- Ana Ferraz is a journalist specialized in global affairs and economics. She previously worked at the Italian News Agency ANSA and has been published by multiple Brazilian outlets.
- Gesner Oliveira is an economist and holds a Ph.D. from the University of California/Berkeley. He is a professor of infrastructure and environmental solutions at think tank Fundação Getulio Vargas.
This episode used music from Uppbeat. License codes: F18NGPOIMPUVA2EC, ONOPHCAPHF83FGLF, BZZ2TJYQEU3SFXZG.
Background reading:
- Even before sacking the CEO of Petrobras, President Jair Bolsonaro was already trying to wield more control over the company, choosing a close ally to become the company’s next chairman of the board.
- Brazilians are paying way more for a tank of gas than elsewhere. Amanda Audi compared prices by using the purchasing power parity index.
- A combination of economic factors has led Brazilian citizens across the board to feel less well-off than they were a short time ago. And the numbers corroborate this perception.
- Listen to Episode #189: Gas prices put Bolsonaro in a bind. Inflation continues to weigh down President Jair Bolsonaro, who is running out of ways to hold prices down.
- Listen to Episode #184: Brazil’s risk of imported inflation. Prior to the invasion of Ukraine by Russian troops, we warned that conflict in Europe would impact the Brazilian economy.
- Listen to Episode #172: A president’s worst enemy. Inflation was set to hit the 10-percent mark for the first time in five years. And historical data shows that high inflation and a poor economic outlook are bad omens for incumbent presidents.
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