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$Colombia and Latin America
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Re: Petro comment.....even mentions CNE....Good find rckillo. Petro's remarks are full of misleads and lies. Former presidential candidate Federico Gutiérrez is correct. Petro has adopted an import substitution policy for oil and natural gas. Avacados for oil is as good a metaphor as any. From Petro's tweets: “Eso es lo que hace el mundo árabe y noruego que usa sus fondos petroleros para agricultura y energías limpias”, agregó Petro, quien también publicó un cuadro donde se evidencia que otras petroleras del mundo que estarían invirtiendo en la transición energética habrían incrementado sus ganancias, contrario a la Empresa Colombiana de Petróleos (Ecopetrol). Translated (DeepL): "This is what the Arab and Norwegian world does, which uses its oil funds for agriculture and clean energy," added Petro, who also published a chart showing that other oil companies in the world that are investing in the energy transition have increased their profits, contrary to Empresa Colombiana de Petróleos (Ecopetrol). ----------------------- What President Petro fails to point out is that none of these countries have imposed a moratorium on the licensing of future oil & gas exploration blocks. What Petro fails to point out is that Norway along with other Nordic social democracies use consumption taxes to incentivize behaviour. This stands in sharp contrast to Latin American populist leftists who have favoured subsidizing fossil fuel consumption. The sad reality is that given the current mix of policies, Petro's policies will not lift more Colombians out of poverty or create more security for the most vulnerable. Currently the opposite is happening. Petro's policies are utterly incapable of putting Colombia on the path to the stellar socio-economic outcomes of the Nordic social democracies. The people in the Nordic social democracies understand the importance of well-defined secure economic property rights. They understand the macroeconomy, the resource sectors and international finance. The are as a general rule not as anti-data, anti-science and anti-expertise as left-wing, populist Latin American leaders and voters. The first tangible step in restoring investor confidence in Petro's government would be to fire Mines and Energy minister Irene Vélez. And then find a face saving way of restoring the licensing of new blocks. Permitting the fracking pilot studies to go ahead is likely out of the question as too many Colombian voters appear to believe much of what they read in US media and do not understand how the US tradition of private litigation works. |
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