According to the Colombia’s Oil and Mining Minister, Maria Fernanda Suarez, her country could be on the verge of an energy and financial crisis. According to Colombia Reports, Colombia’s high court upheld a temporary ban on fracking resulting from a lawsuit an environmentalist lawyer initiated before the Colombian courts last year.
After the court’s decision, Suarez said Colombia only has enough oil reserves to last six years. Additionally, Colombia also sells barrels of oil on the open market to bring in dollars. Without fracking, Suarez told Colombia Reports, the exchange rate would go from one dollar equaling 3400 to 5000 pesos.
While Colombia has tried to follow the World Bank’s advice to diversify its economy to become less dependent on oil, they have been having difficulty due to the excessive corruption. The environmentalists who opposed Colombia’s allowing fracking knew this but obviously didn’t care. They obviously seek to drive the country into the ground and emulate Colombia’s neighbor, Venezuela grounded in their hatred, not only of civilization, but human beings (other than themselves of course). The lives of Latin American people living in a third world country means nothing to environmentalists. Hopefully, the moratorium on fracking can somehow be lifted and oil drilling in Colombia can resume.