The next closest field to which Americans must naturally look is the Caribbean Region--the Central American and West Indian Republics, Colombia and Venezuela. Their importance lies almost wholly in their future possibilities, but they undoubtedly have oil potentialities of considerable value. Therefore, the control of concessions is of very grave importance in view of the need for acquiring extra territorial oil reserves. Fortunately, Americans are here first in the field, though enterprise has not gone very far beyond the securing of concessions. Such privileges obtained in Colombia, Panama, Nicaragua, Honduras, and Costa Rica are held by various American syndicates. A Venezuelan concession originally American-owned is at this writing in British hands, and British capital is also interested in Honduras oil development. It is obvious that the sympathetic coöperation of the authorities at Washington, is necessary in the Caribbean area if the United States is to render secure an ascendancy there. In South America the rivals of the United States interests are also active but have not outstripped them, and with a progressive policy on the part of their government Americans may hopefully look for reserve supplies from that vast continent, though their development, owing to the mechanical and speculative conditions of modern oil production, cannot be rapid. Argentina, which already has two producing fields, operates them as state enterprises and has as yet granted no foreign concessions. Peru is already a large producer of crude petroleum and has opened her gates to American oil interests, but here, as elsewhere, the need of diplomatic backing is present. Generally speaking, though the real potentialities of South America are unknown, it is a territory in which the United States, if it is to safeguard its future interests, cannot afford to remain indifferent.