The objectives of this paper are first, evaluating economic, social and environmental effects on oil extraction in Ecuador during the last 41 years, and second, discussing prospects to achieving a sustainable and equitable development path in the future, in the context of declining oil reserves. The current government is pursuing an extractivist policy, based on expanding oil extraction in formerly unexploited fields -including those inside the Yasuni National Park- and starting largescale mining exploitation. Two future options will be evaluated, first, an expansion of extractive activities, and second an alternative based on conservation, with sustainable use of natural resources (e.g. ecotourism, agroforestry, bio-knowledge), without expansion of oil field expansion and mining
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