The Black Pepa
In Ecuador, the first oil well discovered it in Ancón, peninsula of Santa Elena, the English company Anglo.
For nearly forty years, from 1928 to 1959, the exploitation of crude was concentrated in the peninsula of Santa Elena.
The explorations, however, did not give commercial results and at the end of the 50s, the oil fields of the coast began to decline to such an extent that the English company Anglo declared in 1967 that the deposits of Santa Elena were almost exhausted.During the past 43 years, oil has been the largest source of foreign currency for the country and currently accounts for more than 30% of what is contemplated as non-permanent income within the General State Budget (PGE). Despite the significant oil income between 1972 and 1982 and the recovery of the price of crude between 2004 and 2006, at the discretion of analysts and reports related to what happened with the so-called 'oil boom', the rulers did not improve the living conditions of the citizens and preferred to pay the external debt, which paradoxically grew hand in hand with the evolution of the cost of the 'black gold' barrel. According to the article 'Oil Bonanza and Citizen Poverty', published in 2005 by the Center for Economic and Social Rights (CDES), strictly adhering to the neoliberal postulates, the state policy was oriented at that time to privilege the payment of debt external and internal instead of fulfilling the constitutional obligations in relation to the fundamental rights of the population. If in times of prosperity, with high oil prices, poverty continues to deepen and the payment of external debt has preeminence over social public policies, when then can changes be expected? "The Ecuadorian case is eloquent in this regard. Although in the last 33 years (1972-2005) the country received large volumes of foreign currency from the sale of oil, this has not been reflected in an improvement in the living conditions of its inhabitants. Paradoxically, the increase in public revenues during the 'oil boom' (1972-1982) unleashed an unusual process of external indebtedness, "said the CDES. The representative of the Agrarian Network, Romelio Gualán, recalled that the dictatorship and the "ultra right" rulers who were in charge of the country between 1972 and 1990, having significant oil revenues, continued to borrow from international organizations. "Everything was biased to their interests, to the power groups. The oil policy until 2006 was not good, in many cases it was the foreign oil companies that obtained the greatest benefits, while the population barely managed a marginal part of foreign currency generated by oil, "said Gualán. The peasant leader acknowledged that in this Government the oil surpluses have been allocated to public and social work. "Today all this is felt in the road, safety, education, social. There were important changes in this period of government, "Gualán added.
For nearly forty years, from 1928 to 1959, the exploitation of crude was concentrated in the peninsula of Santa Elena.
The explorations, however, did not give commercial results and at the end of the 50s, the oil fields of the coast began to decline to such an extent that the English company Anglo declared in 1967 that the deposits of Santa Elena were almost exhausted.During the past 43 years, oil has been the largest source of foreign currency for the country and currently accounts for more than 30% of what is contemplated as non-permanent income within the General State Budget (PGE). Despite the significant oil income between 1972 and 1982 and the recovery of the price of crude between 2004 and 2006, at the discretion of analysts and reports related to what happened with the so-called 'oil boom', the rulers did not improve the living conditions of the citizens and preferred to pay the external debt, which paradoxically grew hand in hand with the evolution of the cost of the 'black gold' barrel. According to the article 'Oil Bonanza and Citizen Poverty', published in 2005 by the Center for Economic and Social Rights (CDES), strictly adhering to the neoliberal postulates, the state policy was oriented at that time to privilege the payment of debt external and internal instead of fulfilling the constitutional obligations in relation to the fundamental rights of the population. If in times of prosperity, with high oil prices, poverty continues to deepen and the payment of external debt has preeminence over social public policies, when then can changes be expected? "The Ecuadorian case is eloquent in this regard. Although in the last 33 years (1972-2005) the country received large volumes of foreign currency from the sale of oil, this has not been reflected in an improvement in the living conditions of its inhabitants. Paradoxically, the increase in public revenues during the 'oil boom' (1972-1982) unleashed an unusual process of external indebtedness, "said the CDES. The representative of the Agrarian Network, Romelio Gualán, recalled that the dictatorship and the "ultra right" rulers who were in charge of the country between 1972 and 1990, having significant oil revenues, continued to borrow from international organizations. "Everything was biased to their interests, to the power groups. The oil policy until 2006 was not good, in many cases it was the foreign oil companies that obtained the greatest benefits, while the population barely managed a marginal part of foreign currency generated by oil, "said Gualán. The peasant leader acknowledged that in this Government the oil surpluses have been allocated to public and social work. "Today all this is felt in the road, safety, education, social. There were important changes in this period of government, "Gualán added.
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