Oil: Growth Amid the Sugar Cane

Few underdeveloped areas have flourished as dramatically as Puerto Rico, where the tax incentives and government-built facilities under Operation Bootstrap have attracted 600 companies, created 65,000 jobs and raised per capita income from $121 to $900 a year. Bootstrap, however, has lured mostly light manufacturing. To keep its economy growing at the current 8% rate, the island needs heavy industry.

Since it is located midway between Venezuelan oil and U.S. markets, Puerto Rico has settled on oil and petrochemicals as a suitable basic industry. Two refineries have so far been put into operation, and this month construction begins on a...

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