Brazil Plans to Use $3.5-Billion Oil Fund to Bolster Economy

Brazil looks to boost its economy with money from its $3.5-billion social fund, which collects revenues from oil and gas exploration and production, as approval ratings of President Luiz Inacio Lula da Silva have slumped to a record low. Inflation and most of all rising food prices have sapped the confidence of Brazilians in their president in recent weeks.

In the middle of February, a poll by pollster Datafolha showed that approval of Lula’s government dropped to 24% from 35% in December—a record low during any of Lula’s three…