Chile is investing more than $400 million into developing petroleum resources at the south end of the country.

Punta Arenas, in the Magallanes region, has become the “Alaskan Gold Rush” of South America.  Labor, oil prospectors and investor’s money is flowing in.  The area is also a tourist destination, for Antarctic trips.

The oil boom has resulted in high inflation in the area, which surprises many tourists.

Chile has been wanting to develop the region’s oil potential for a while, but costs held them back.  With oil prices back over $100 per barrel they are now proceeding full steam ahead.