Ecuador's oil resources
Ecuador’s oil sector accounts for over half of the country’s export earnings and about 40% of public sector revenues. However, there has been debate over the past few decades over how and to what extent the resource should be utilized. Ecuador is the smallest producer in OPEC; due to a lack of refining infrastructure in the country, oil revenues have been limited by a need to import refined products. Oil represents 79% of the country’s total energy consumption- much higher than hydroelectric power, natural gas, and other non-hydro renewable energy sources.
A coupled introduction of renewable energy sources and ecotourism might be the best way to break Ecuador’s oil dependency. The country depends on the petroleum industry for both income and energy; ecotourism and renewable energy could replace oil in both of these areas, although the replacement process would obviously be easier said than done.
A coupled introduction of renewable energy sources and ecotourism might be the best way to break Ecuador’s oil dependency. The country depends on the petroleum industry for both income and energy; ecotourism and renewable energy could replace oil in both of these areas, although the replacement process would obviously be easier said than done.