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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.
Ecuador's president decrees government to take 99 percent of windfall oil profits
Seeded on Fri Oct 5, 2007 1:13 PM EDT
Article Source: Santa Barbara News-Press- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (2)
Oh, the oil companies have probably only been paying 10% anyway under their creative accounting books...
#1 - Fri Oct 5, 2007 3:15 PM EDTAn interesting point of note is that there are NO US Oil Companies in Ecuador now, since the removal of Occidental Petroleum about a year ago. It is likely that folks won't get all up in arms about this since it doesn't affect the US.
That said, I tend to think this is more bluster than anything.
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