Ecuador’s Oil Industry Desperately Needs A Miracle

Over the last decade it has been a wild ride for Ecuador’s trouble-plagued but economically crucial oil industry. Former president Rafael Correa’s heavy-handed policies, centered around oil nationalism and greater state control of the industry, deterred foreign energy majors from investing in the impoverished Latin American nation. Those impacted the profitability of private energy companies and allegedly led to profiteering by state run energy enterprises and far-reaching corruption.Since assuming office in 2017 President Lenin Moreno…