Guyana's Oil Boom Sparks Fierce Competition for Profits.

1 min read
Source: The Associated Press
Guyana's Oil Boom Sparks Fierce Competition for Profits.
Photo: The Associated Press
TL;DR Summary

Guyana, a country of 791,000 people, is set to become the world's fourth-largest offshore oil producer, generating billions of dollars for the largely impoverished nation. However, the oil boom is expected to spark bitter fights over how the wealth should be spent in a place where politics is sharply divided along ethnic lines. Experts worry that Guyana lacks the expertise and legal and regulatory framework to handle the influx of wealth, which could weaken democratic institutions and lead the country on a path like that of neighboring Venezuela.

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