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Colombia’s Petro is Pushing his Country Toward an Energy Crisis
U.S. Senator Marco Rubio (R-FL)
May 8, 2023
Americano Media
What do you get when a government tanks the industry responsible for roughly a fifth of its income and half of its national exports? The answer is obviously nothing good. Nevertheless, Colombia’s Marxist President Gustavo Petro seems determined to find out firsthand….
In November 2022, [Petro] raised taxes on the oil and coal industries as part of a massive 20 trillion-peso tax hike. In January 2023, Petro’s energy minister confirmed his aspiration to decarbonize the Colombian economy. And during the last week of April, the president removed [a relatively mainstream finance minister] from his cabinet and replaced him with someone even further to the left.
It should come as no surprise that ExxonMobil announced they are pulling out of the country. The Colombian peso has fallen to record lows, while the price of energy has gone up 26 percent, more than double the rate of inflation. Things will only get worse from here, especially if the administration goes forward with banning oil exploration and fracking.
The United States can speak from experience. When President Joe Biden announced he would end fossil fuels and reduced the number of new licenses for oil and natural gas exploration, the energy industry contracted, fuel prices went up, and inflation got out of control….
Pursuing climate resiliency within the bounds of common sense is perfectly reasonable. But pursuing it at the expense of millions of people’s welfare is unjust. I hope Colombia’s leaders don’t have to learn that the hard way.