Ecuador's president decrees government to take 99 percent of windfall oil profits

“It's the state's fundamental right to defend the country's natural patrimony and preserve the economy's sustainable growth”

QUITO, Ecuador : Ecuador's leftist President Rafael Correa decreed on Thursday that the government will take 99 percent of windfall oil profits that had previously been split with foreign oil companies. via International Herald Tribune

Read full story from International Herald Tribune

[Gilles Koch]

This is insane - and I always believed that Correa being an economic professor would be at least half smart. He is about as stupid as George W. Bush! Foreign investments into the sector will disappear which in the medium term will reduce daily oil production. I guess only at that point in time Correa will then go to his friend Chavez and will realize that he will not get anything of that what Chavez promised to him and to the Ecuadorian people.

[USA is the Best]

USA- should just start drilling, Let these moronic people keep there untapped oil. USA has enough untapped, where we will not need anyone. Drill in ANWR. God Bless USA

[Vangelist]

Gilles Koch wrote:

This is insane - and I always believed that Correa being an economic professor would be at least half smart. He is about as stupid as George W. Bush! Foreign investments into the sector will disappear which in the medium term will reduce daily oil production. I guess only at that point in time Correa will then go to his friend Chavez and will realize that he will not get anything of that what Chavez promised to him and to the Ecuadorian people.

NOT INSANE! Do you know what 'windfall oil profits' are?

The oil companies should be happy to make the profits they CONTRACTED!

The 'windfall oil profits' belong to ECUADOR and will be invested in benefit of the country. Thank goodness there is a government that looks out for its PEOPLE !

[USA is the Best]

Gilles Koch wrote:

This is insane - and I always believed that Correa being an economic professor would be at least half smart. He is about as stupid as George W. Bush! Foreign investments into the sector will disappear which in the medium term will reduce daily oil production. I guess only at that point in time Correa will then go to his friend Chavez and will realize that he will not get anything of that what Chavez promised to him and to the Ecuadorian people.

Precisely, my thoughts, but I jus eh hick

[USA is the Best]

Happy Columbus Day to all!!!

[Vangelist]

Ecuador's oil and land has been raided by unscrupulous companies (OIL RATS) who have plundered most of the wealth and polluted the land. In the current episode the OIL RATS AGREED they would be WELL PAID at $30 a barrel. The oil market shoots to $60 the OIL RATS want to keep the EXTRA $30 ALSO!

THAT IS ROBBING A NATION OF ITS RESOURCES. An indefensable practice to keep developing nations DEPENDENT on SPECULATING RATS.
http://www.democracynow.org/article.pl ...

[USA is the Best]

Anyone who make out on a deal. Are they unscrupulos? Or is it just when the US does? Hey so play me a new tune! Maybe "Chariots of Fire" or something like dat LOL

[Vangelist]

USA is the Best wrote:

Anyone who make out on a deal. Are they unscrupulos? Or is it just when the US does?

ANYONE! GLOBALIZED CORPORATE OIL RATS...

USA is the Best wrote:

Hey so play me a new tune! Maybe "Chariots of Fire" or something like dat LOL

"Chariots of Fire"...VANGELIS...'good music'.
I play good music also... but at topix.net I like to CORRECT erroneous ideas.

[USA is the Best]

So we should ration out how much business someone can do? Success should be controlled. It ain't just oil companies. We should do it to medical, agriculturial, automotive industries as well

[Vangelist]

USA is the Best wrote:

So we should ration out how much business someone can do? Success should be controlled. It ain't just oil companies. We should do it to medical, agriculturial, automotive industries as well

What are you TALKIN ABOUT?

You don't understand the concept of "windfall oil profits"...

[USA is the Best]

I am talking about a 50/50 deal. Ecuador's crediblity in my eyes mean nothing. They obviously can not be trusted to honor a contracts. They will change them on the drop of a dime to favor themselves

[Vangelist]

USA is the Best wrote:

I am talking about a 50/50 deal. Ecuador's crediblity in my eyes mean nothing. They obviously can not be trusted to honor a contracts. They will change them on the drop of a dime to favor themselves

CONTRACT... What contract?... 05/50 was a dumb corrupt government policy of past ecuatorian governments.

[USA is the Best]

IT is still and issue of credibilty. How do you go from 50/50 to 99/1 thats is redicules and corrupt in itself

[Vangelist]

USA is the Best wrote:

IT is still and issue of credibilty. How do you go from 50/50 to 99/1 thats is redicules and corrupt in itself

Whem something BELONGS to YOU...
YOU can GIFT any percentage you LIKE!

Ecuador has decided to GIFT the oil companies 1% for their service.

[USA is the best]

Ok so they are cheap. They show low moral standards for doing buisness. Just like the corporation you bash. Make as much money as you can and screw over your partner. I think around the world they call that CORPORATE GREED

[Vangelist]

USA is the best wrote:

Ok so they are cheap. They show low moral standards for doing buisness. Just like the corporation you bash. Make as much money as you can and screw over your partner. I think around the world they call that CORPORATE GREED

O.K. So we agree the CONTRACTS were NOT broken!

The oil companies had been consipiring with corrupt officials STEALING money for years.

Cheep??? Depends on the the bank roll one has. The Ecuatorian government NEEDS revenues to invest in the country

How many poor SICK CHILDREN will need to be vacinated by the oil companies?

Accorring to you Ecuador has "CORPORATE GREED"... LOL

[USA is the best]

Governmental Greed!!! Sick children, there are some in US as well. Big deal!! There will always be sick children. And no we don't agree there is no contract, there was an agreement and a set percentage. Correa re-nigged it.

[Vangelist]

USA is the best wrote:

Governmental Greed!!! Sick children, there are some in US as well. Big deal!! There will always be sick children. And no we don't agree there is no contract, there was an agreement and a set percentage. Correa re-nigged it.

You said "OK so they are cheap" by giving a GIFT of 1%... I thought you understood tha Ecuador was NOT OBLIGATED by contract.

In any case, your IGNORANCE and HEARLESSNESS is apauling but not uncommon for a BUSH!T BROWNOASER.

BUSH!T wouldn't even pass SCHIP and nobody wants to test him while he has his finger on the button... EVIL SHAME!

[USA is the best]

There still had to be an AGREEMENT! What part of that can't get through that cranium. Whether by contract, or by handshake, or word of mouth.

I don't brown nose anything or anyone. By the way I am glad he did not pass SCHIT. IT is not the gorvernments resposiblity to get involved in and insurance. I am against all hand out programs. Welfare, unemployment, medicaid, they already stole the Social Security<--- what more do we want stolen. Get a job, an education, insurance on your own.It was never the gornments place to meddle in the peoples affair. Protect us from invading and THREATENING countries or GROUPS, let me speak my mind, and live in peace. Ta-Da that it and that my friend is not going to happen with socialism

PS. Maybe he should push the button. Of cource that is what socialist like Che wanted right?

[NWG]

Van, you are a man who thinks he knows, but really doesn't understand. Do you realize that
the loss of revenue for oil companies, due to your brilliant Correa, will cause thousands of
Ecuadorian people working in the oil industry to loose their jobs. Good paying jobs they worked hard for that allow them to buy apartments, homes, cars and everything else they need for living. That loss of money into the economy will cause a huge damage for the country. Is Correa going to provide jobs that provide equal salaries? NO WAY! Is he going to compensate any misplaced workers? NO WAY! How is the income going to be replaced? Tell me Van?
My wife is one of the many that is facing the prospect of being laid off by a company she has worked for over 10 years.
Thank God we have the choice of moving back to the States.