Why oil in Guyana could be a curse
The Indicator from Planet Money
NPR
4.7 • 9.5K Ratings
🗓️ 10 January 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
But while a mining boom may seem like only a good thing, it can often be bad for countries long-term. Today on the show, how Guyana can still avoid the so-called resource curse.
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Transcript
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| 0:00.0 | NPR. |
| 0:04.0 | A little bit north of |
| 0:08.0 | A little bit north of Brazil is a country called Guyana. It's only got a population of |
| 0:16.7 | 800,000 people. It's rich in wildlife and forests. I think the green in Guyana is is greener than anywhere else in the world |
| 0:26.0 | Terence Blackman grew up in Guyana. |
| 0:28.0 | He's now a mathematics professor at the City University of New York |
| 0:32.0 | and Terence says that as idyllic Professor at the City University of New York. |
| 0:32.8 | And Terence says that as idyllic as his childhood memories |
| 0:36.3 | are, the country did face problems, like power cuts. |
| 0:40.4 | Blackouts, we would call them. |
| 0:42.3 | And they would occur very frequently and |
| 0:44.7 | electricity it's one of it's been one of a really really big challenges. |
| 0:49.2 | Income-wise Guyana has been just about the poorest in South America, but in 2015 there was an announcement |
| 0:57.0 | that would change everything. |
| 0:59.0 | ExxonMobil made a huge discovery of oil that could make the Guyanese the wealthiest people on the continent. |
| 1:05.7 | Terence remembers his reaction reading about it after seeing a link on Facebook. |
| 1:10.2 | Wow, this is an opportunity to behold and you think, yeah, we're finally, you know, God has finally smiled, God has finally smiled on us. |
| 1:22.0 | What a feeling. |
| 1:22.9 | I've never had that feeling after following a link on Facebook. |
| 1:25.7 | Yeah. |
| 1:27.1 | I think that's fair to say, yeah. |
| 1:29.1 | So Terrence had this amazing moment, |
... |
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