Colombia’s economically vital oil industry is caught in a death spiral. Production recently collapsed to multi-year lows as foreign energy investment dries up. Once South America’s third-largest oil producer, Colombia slipped to fifth place after being overtaken by Argentina and Guyana. The reforms implemented by Colombia’s first leftist President, Gustavo Petro, including tax hikes, a ban on hydraulic fracturing, and the cessation of issuing exploration contracts, are deterring foreign investors. This is sharply impacting the…