| uth America, the economies of several countries | | | | Since most countries prefer to control their own |
| depend on the production and export of oil. Venezuela, | | | | finances, having the oil on hand makes it easier to do |
| the largest oil producer of any country in South | | | | so. By not having to rely on imported oil, the countries |
| America, produces about 2.8 million barrels a day. This | | | | can manage their own money. This makes oil an |
| puts it in the number eight position in the world of oil | | | | especially valuable resource. |
| producers. | | | | Oil, or petroleum, the raw material that is pumped from |
| South American oil also comes from other countries | | | | the ground, accounts for 2/5ths of the energy needs |
| like Brazil that produces about 1.1 million barrels of oil a | | | | around the world. There are also many products such |
| day. There are other oil producing countries in South | | | | as plastics and asphalt that use petroleum as a raw |
| America, but they do not produce enough to be | | | | product. Therefore, the discovery of oil in South |
| ranked in the top twenty, internationally. | | | | America was of paramount importance to the |
| Just because some of the South American countries | | | | economy of its oil producing countries. South |
| do not produce enough oil to be ranked internationally, | | | | America’s oil puts these countries in the position |
| oil is still a vital part of their economies. Benefiting in | | | | of competing on the world stage financially. |
| two separate but important ways, the countries have | | | | Bolivia Coastal®, located in Venezuela, and |
| oil readily available. Two examples of this are | | | | Marlim®, in Campos, Brazil have 30 million and 10 |
| Paraguay and Bolivia, where there was recently found | | | | billion barrels of oil in reserve, respectively. These are |
| oil, but specialists are investigating if it is profitable and | | | | two of the larger oil fields in South America. |
| worthy to get it out of the deep. | | | | Venezuela is the only oil producing country in South |
| Oil is considered a non-renewable resource. It is for this | | | | America that is a member of the Organization of Oil |
| reason that it is so valuable to have it available for | | | | Producing Companies (OPEC). The other countries of |
| export. With an irreplaceable product, every producer | | | | South America may be blessed with oil reserves, but |
| is important. Having the oil available is another asset in | | | | membership in OPEC gives Venezuela permission to |
| that it reduces each of these countries’ | | | | have a voice in setting production and pricing numbers. |
| dependencies on foreign imports. | | | | |