Latest update: 21/06/2009 

- Ecuador - oil - Rafael Correa


President Correa threatens to expel oil firms
By News Wires (text)
Comments (1)

What natural resources?

by Charles Smyth (not verified) - 21/06/2009 - 11:18

President Correa and others of his ilk, always fail to consider that what they claim as wealth, as in natural resources, is of no value until western technology and capital is introduced and risked over the long term, to convert raw glop into commodities of value: Heating oil, fuel oils, etc. After all, the west would be very happy to simply make a contract with the government of Ecuador, for them to supply the natural resources, directly. But as President Correa has clearly demonstrated, contacts are meaningless, so Ecuador's poor, will remain poor. And as for those in the west who would back President Correa's stance, the capital risked in Ecuador is their pension and social security/benefit funds, for the most part.

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