Oil was discovered in 1967 in the Amazon rain forest in Ecuador by foreign companies. Their economy was based on agriculture thus importing and bananas. Moreover, they discovered the black gold the brought hopes of making money and job creation. Thus oil business rose up and became the centerpiece for Ecuador quest for moderni
zation and progress. Texaco discovery of oil was a boom to the nations economy but in this recent world the government is unstable about the economy and they are in debt. As the oil came into existence in their country, it has only brought about change of lives in certain class of people, well some of them have not made anything out of the oil. The indigenous people don’t understand why the are still living in poverty hence they have moved forward in consulting the government on how to respect their lands and proportionally distribute the benefits of the oil to the communities. In today’s news, it is seen that when proper measures are not take well, the Ecuadorian will loose their oil
