VENEZUELA NO. 1 OIL IMPORT SOURCE IN S. AMERICA

With the exception of Venezuela, the U.S. is unlikely to import much oil from South American countries through 2010, the General Accounting Office reports. GAO, a congressional watchdog agency, noted the U.S. imports about 4% of its oil from Colombia, Ecuador, and Trinidad and Tobago and possibly could import from Argentina, Bolivia, Brazil, Chile, and Peru in the future. It said the eight countries' crude oil reserves are expected to increase about 30% by 2000, then slide about 2% by 2010.

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