Subcommittee on the Western Hemisphere O

Energy Opportunities in South America Subcommittee on the Western Hemisphere O

In the past, the U. S. supported energy initiatives in the Americas through investment and the exploration and production of traditional energy resources, providing regulatory and technical guidance, and under the Obama administration renewal energy projects. Energy is an important key to creating more jobs for the Americas and to helping our hemisphere achieve a better quality of life via electricity coverage, energy production, and benefitting from the resulting economic growth. South America is home to a vast wealth of natural resources, including nearly 20 percent of the world's proven crude oil reserves and 4 percent of proven natural gas reserves. An effective use of such energy resources could result in more people having a higher quality of life through receiving electricity coverage, a higher number of jobs in needy areas, and greater investment from international companies into the communities where they do business. The energy landscape is diverse. Venezuela has the largest proven oil reserves in the world and the second largest natural gas reserves in the Americas. Significant oil and natural gas production is also occurring in Argentina, Bolivia, Brazil, Colombia, Ecuador, and Peru. Today's robust energy landscape in South America is made even more compelling for deeper U. S. engagement given recent political shifts in the region. Countries seem to be waking up to the realization that the status quo economic policies simply do not generate the kind of economic growth that they need.