Paying to keep oil in the ground

Paying to keep oil in the ground

Should the world pay Ecuador not to extract oil? President Rafael Correa’s argument makes perfect economic sense

Ecuador’s President Rafael Correa is often dismissed as a radical leftist. Such has been the response to his proposal that the world pay him not to extract oil from Yasuni National Park in the western Amazon. Yasuni is home to almost 850 million barrels of oil, or 20% of Ecuador’s reserves.

A closer look at Correa’s proposal reveals that it comes straight out of an economics textbook, and makes perfect sense.

Kevin Gallagher
guardian.co.uk
Friday, August 7, 2009

Read on…

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Posted on 12 August, 2009, in Uncategorized. Bookmark the permalink. Leave a comment.

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