Wednesday, May 24th 2023

Subject: Social studies

Texaco extracted
The first shipment of crude millions of barrels
oil from the Amazon was of oil from
made Ecuador

1972 1972 - 1979 1972 - 1992

Military
dictatorships
were benefited
from the oil boom
FACTS FROM OIL BOOM
- Ecuador went from being an agro-exporting country to being
an oil – exporting country.

- Ecuador had the advantage that the international price of oil

increased from $2,50 per barrel to $40 in just a few years.

- Ecuador was transformed into a society with middle class.

- Oil wastes were deposited in the Amazon region causing a

huge disaster according to ecologists
 INTERNATIONAL SITUATION

The OPEC (Organization of the A huge global

In 1970 this caused
petroleum exporting countries) crisis
increased the price of barrels of oil

Developing
United States Countries that
countries such
and United were in debt
as ECUADOR
Kingdom raised had to pay for
interest rates the increases

Due to the global crisis

and the increases, the
external debt of
ECUADOR INCREASED
END OF THE BOOM

The military Investment in

The state’s
government ordered Massive protests health, education,
Budget income
the suspension of were held public works and
diminished
subsidies services were cut
1980 1990 2000 2000