Ecuador’s Oil Industry Catastrophe… To Spread Around The World

Thursday, February 11, 2016
By Paul Martin

By: Steve St. Angelo, SRSrocco Report
GoldSeek.com
Thursday, 11 February 2016

There’s an ongoing catastrophe taking place in Ecuador. Not only has a significant part of the Amazon been polluted by toxic waste oil left behind from the wonderful folks at Texaco when the company started drilling for oil in Ecuador back in the 1970’s, but the low oil price has totally gutted the oil industry.

This is a big problem for Ecuador because 50% of its exports and 30% of its government revenues come from oil (source). According to the article, Ecuador Reveals Pain Inside OPEC: It’s Pumping Oil At A Loss:

President Rafael Correa said on Tuesday that the South American nation is receiving as little as $30 a barrel for its crude, while production costs average about $39. The warning comes after several other members of the Organization of Petroleum Exporting Countries, including Algeria and Libya, said the group should consider holding an emergency meeting to respond to the drop in oil prices.

The Rest…HERE

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