The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Sunday, October 07, 2007

Correa: Ecuador Oil Profits for People

Quito October 5 (Prensa Latina) Ecuadorian President Rafael Correa's decision to change the distribution of additional income obtained from the high price of oil on the world market makes Ecuadorians smile Friday.

According to a decree signed by Correa, 99 percent of extra oil income will go the State, and the remaining 1 percent will be for foreign private firms.

Local press highlighted Correa's decision fully changes the rules of the game in the hydrocarbon sector, in defense of the natural heritage to guarantee sustainable economic growth.

A presidential note revealed the ruling was adopted after considering that the current fifty-fifty allocation of additional oil income is insufficient..

This decision has ignited rejection among private companies, but joy among the population, which demands higher participation of the State in the hydrocarbon sector and a policy that truly benefits the people.

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