May 29, 2018

CHAOS: Brazil Trucker Strike Worsens As Petrobras Workers Plan Walkout.

The protests, triggered by a 50% spike in fuel prices over the last year, resulted in the declaration of a state of emergency across most major cities as shelves run bare and vital supplies dwindle. Airports have reported running out of fuel, hospitals are running out of supplies, and public transport and trash collection have been reduced or halted across the country. Some food prices have also spiked as supplies dwindle. As we noted on Friday, a lack of livestock feed threatens a billion chickens and 20 million pigs who may starve to death.

Now, after deploying the military to physically unblock roads and several last-ditch measures to seek a resolution Sunday night, President Michel Temer has a new problem on his hands; Petrobras workers are about to go on strike starting May 30 – demanding that the company fire CEO Pedro Parente and permanently lower fuel prices. The company said on Friday that they have no plans to remove Parente.

Although oil prices remain on the upswing, the publicly traded shares of Petrobras (which is majority-owned by the Brazilian government) have lost 35% of their value in the last two weeks.

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