Colombia’s New Leftwing President Is Hiking Taxes On Its Oil Industry

After an electoral victory, which shocked many in and outside of Colombia, long-time senator and former leftist guerilla Gustavo Petro was inaugurated as Colombia’s President last Sunday. The once controversial mayor of the capital Bogota campaigned on a platform of ending extractive industries in the Andean country, including banning hydraulic fracturing and ceasing the award of new licenses for oil exploration. That triggered considerable consternation among many analysts, industry insiders and economists because of Colombia’s tremendous…