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Show BIG OIL PROSP OTB IN SOUTH VMEBICA South America, especially Bolivia, is opbning up as the promised land of oil supply Geologists gay the eoun-. eoun-. try is full of petroleum beds. Tho first step toward developing the region h:n been taken by William Hraden, an American engineer, who has taken an opr. on on ',317. ST.". i -e . of oil land In southeastern Bolivia. This J in addition to other oil sources in Ven- esuela, Peru and other parts of north-I north-I em South America now In process of i de ( lopment. Is expected to Increase the Importance of oil by the I'nited . States to an extent that would insure a long future supply. The United States is drawing heavily heavi-ly on imports now, although its own fields could alone timet the domestic demand for from 10 to 15 years, even if no new deposits were discovered X.arlj 12,000.000 gnllens of goad- line were Imported during the first I third ot llijo, although the exports I were heavier. Nevertheless, due to 1 increased domestic production oxerl consumption, there a gradually increasing in-creasing reserve stock In the country. |