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Ecoperol cannot live of off “excessive prices” on fuel at the expense of Colombians, says the outspoken Meta Senator Maritza Martínez.

Ecopetrol posted a steep drop in profits in 2014 as the fall in the price of oil and a rise in costs took a hit on the company’s financial results.

The price of fuel in Colombia fell for the fourth straight month, but the Ministry of Mines and Energy (MinMInas) says that a weak peso against the dollar continues to keep the fall modest.

Corporate social responsibility (CSR) are exposed to deep cuts due to the oil price, although there are still many 2015 projects that already have their funding assigned, and Ecopetrol (NYSE:EC) has a steady flow of projects that have hit the press. These and other stories on CSR in our periodic summary.

The Minister of Mines and Energy Tomás González was on hand to herald the inauguration of Equion’s Floreña central processing facility (CPF), which he said is more important than ever considering the fall in oil prices.

The Minister of Mines and Energy (MinMinas) Tomás Gonzalez addressed a seminar and said that through the government’s National Development Plan it will introduce modifications to contract conditions signed with the National Hydrocarbons Association (ANH) and make royalties more flexibile, two of the measures the industry has asked for.

Local commercial venders in Puerto Gaitán and Barrancabermeja are warning that already there is a steep drop off in their sales, as much as 80%, with the ability of contractors to pay their debts a rising concern. These and other stories in a weekly roundup following the impact of the fall of oil prices on the Colombian economy.

In a general assembly held last week, USO workers voted to authorize their directors to order a general strike which could affect, among others, Ecopetrol (NYSE:EC).

GeoPark (NYSE:GPRK) says that new growth from an expansion of low risk, low cast and high netback fields in the Tigana and Tua fields, in the Llanos 34 block, contributed strongly to growth in its reserves.

Local governments in Norte de Santander, Meta and Putumayo are all interested in building smaller regional refineries that they say would make them more competitive, avoid importing fuel and create new jobs.