The economic and political stability of Latin American countries keeps pace with international commodity prices. In Ecuador, the last fifty years have been ruled by oil prices. A historical study of this period suggests the existence of a certain regularity in the Ecuadorian economic trajectory, with at least two boom and recession cycles. This paper analyzes the parallels and differences between these cycles, putting them into perspective. To this purpose, a systematic comparison of economic and social indicators, the political situation, and the ideological and geopolitical context was carried out. The article concludes by highlighting the limits of transformation projects during booms and of adjustment programs during recessions.