Betting on oil; Brazilian venture looks solid.

COLUMN: In our opinion

The long debate over whether to drill for oil in the Arctic National Wildlife Refuge - a debate that reached fever pitch during last year's presidential campaign - may seem like ancient history now, but the nation's thirst for oil and gas remains prodigious. Meeting America's energy budget requires constant investment and exploration, and despite advances in wind, solar and biofuels, the nation is unlikely to wean itself from reliance on fossil fuels anytime soon.

Thus, the recent announcement that the Export-Import Bank of the United States will quintuple this nation's investment in a major Brazilian offshore oil exploration project - to $10 billion - is good news. Brazil's solid credit means the U.S. investment will not only be repaid with interest, but should spur further business deals between U.S. contractors and the Brazilian oil giant Petrobras.

The exploration itself seeks to tap a reserve estimated to hold as much as 40 billion barrels of oil, nearly twice the current U.S. reserves. For years, some economists and energy-industry analysts have predicted the end of the oil era, projecting that supplies were either exhausted or economically beyond reach. Scientists, engineers and the business community have repeatedly refuted such claims through a combination of improved exploration techniques and innovative partnerships and financing.

Tapping the Brazilian find, known as the Tupi reserve and first announced in 2006, is good news for the U.S. and world economies. It will mean jobs, investment and downward pressure on oil prices.

Striving for a greener future is a laudable and important goal, and the U.S. should continue to invest in alternative energy development, but it must not lose sight of the proven, reliable sources of the past. Even as the debate over ANWR rages on, the big money being placed on the oil venture off the Brazilian coast is a good bet for this nation.