Equatorial Guinea, A resource rich nation but yet with poor people?

Equatorial Guinea, a resource rich nation but suffers from poverty? Exxon mobile payed over 500 million dollars to the president of Equatorial Guinea. He "claims" to only make not any more then 75,000 Euro a year, but yet he lives in a 32 million dollar mansion. Also not a single cent of the 500 million was given to the people of Equatorial Guinea, instead it goes to support the president's own regime. Events like this are happening all of the world in Reasource rich yet underdeveloped nations. ( Lashmar, Paul. ) Should we let our oil companies be a part of this?

Friday, April 15, 2011

The Real Truth about Oil Corruption in Equatorial Guinea

Out of all the countries that sybolize support or fall into the catagory of Oil-fuled corruption, Equatorial Guinea is by far one of the worst. Equatorial Guinea is a small African country located in the Gulf of Guinea. The country itself is ruled by a life long dictator, and a family clan that funnels all the oil wealth into secret acounts around the world ("Oil Corruption in Equatorial Guinea").



The Truth about Equatorial Guinea's Poverty

As oil prices in the recent years grow at exponential rates, Equatorial Guinea's govetment profited big. In 2007 the goverment's oil revenue reached a record high of $4.8 billion dollars. Where is all this money going? surely not the people of Equatorial Guinea, it was recorded that over 77 percent of the country's population still lives under the poverty line ("Oil Corruption in Equatorial Guinea").

With a population of 668,225 if the money was split evenly among the people that would grant each person and extra 7,482 dollars per year (If oil prices stayed the same).

“Poverty remains high and social indicators weak,” according to the fund (PDF)
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