18 Mar '17, 5pm

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But more crude is not likely to give this nation much relief, thanks to a series of botched reforms. Ecuador rewrote its oil laws in 2010 to give the state an increased share of what were then windfall oil profits, and agreed to give foreign producers a fixed price per barrel pumped. After defaulting on what Correa called “immoral” foreign bonds, the country was forced to turn to the Chinese for $15.2 billion in loans to finance oil drilling, infrastructure improvements, and social programs. The Chinese presciently insisted that the loans be repaid with discounted oil. In the aftermath of the crash in oil prices, analysts estimated that Ecuador was, at summer’s end, selling ITT oil for nearly $20 less per barrel than it cost to produce. In the wake of a destructive eruption of the Cotopaxi Volcano, and a disastrous earthquake on the Pacific coast, each barrel of oil that’s...

Full article: http://www.audubon.org/magazine/winter-2016/as-oil-compan...

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audubon.org 15 Mar '17, 3pm

American Kestrel. Photo: Sylvia Hunt/Audubon Photography Awards Endangered Species Act in Trouble Ask your members of Cong...

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