Ecuador's Risky Energy Grab

Ecuador has joined it's neighbors in the "resource re-nationalization" trend.

What's worrisome about Ecuador's move is that it simply gave Oxy the boot, without engaging in further negotiations to reach a settlement. In Bolivia and Venezuela, officials remain open to negotiating new terms with foreign oil companies. In Ecuador's case, President Alfredo Palacios, who took office just a year ago after his predecessor was ousted in the country's latest bout of political instability, was being threatened by some members of congress with possible treason charges if he allowed Oxy to stay.

In my mind, this is a disturbing trend that should be more prominent in the news. And it demonstrates that the middle east isn't the only factor in energy availability and price. The third wolrd's influence on the US is derived from our dependence on their natural resources. And that's why Congress should doubly ashamed of itself for letting aesthetics determine national energy policy.