Ecuador’s Oil Industry Hit with Worst Environmental Disaster in Decades

Ecuador’s Oil Industry Hit with Worst Environmental Disaster in Decades

Ecuador’s oil industry is caught in a death spiral. Decades of corruption, dwindling private investment, corroded infrastructure and environmental disasters are all weighing on production and reserves growth. Environmentally damaging oil spills are a common occurrence, with evidence suggesting that the national government in Quito is failing to prevent these harmful events. President Daniel Noboa’s commitment to reviving the economically crucial…