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In reply to the discussion: White House gives Maduro ultimatum as U.S. moves toward land operations [View all]
NickB79
(20,194 posts)46. That's largely because Venezuela doesn't have the tech or knowledge base to maintain domestic oil production
After nationalizing foreign oil resources to fund social programs, they quickly found out that they didn't have the ability to keep the oil flowing without foreign help. Oil fields declined, a brain drain of qualified petro engineers crippled the industry, and equipment wasn't replaced as it should have been.
So, they were forced to get outside assistance, and that left them open to US demands on American firms (like Chevron) who want to operate in Venezuela.
https://en.wikipedia.org/wiki/History_of_the_Venezuelan_oil_industry
After Hugo Chávez officially took office in February 1999, several policy changes involving the country's oil industry were made to explicitly tie it to the state under his Bolivarian Revolution.[26]: 191 Since then, PDVSA has not demonstrated any capability to bring new oil fields onstream since nationalizing heavy oil projects in the Orinoco Petroleum Belt formerly operated by international oil companies ExxonMobil, ConocoPhillips, Chevron.[27][28]
The Chávez government used PDVSA resources to fund social programmes, and PDVSA staff were required to support Chávez. His social policies resulted in overspending [25][29][30] that caused shortages in Venezuela and allowed the inflation rate to grow to one of the highest rates in the world .[31][32][33]
According to Corrales and Penfold, "Chávez was not the first president in Venezuelan history to be mesmerized by the promise of oil, but he was the one who allowed the sector to decline the most", with most statistics showing deterioration of the industry since the beginning of his presidency.[34]
The Chávez government used PDVSA resources to fund social programmes, and PDVSA staff were required to support Chávez. His social policies resulted in overspending [25][29][30] that caused shortages in Venezuela and allowed the inflation rate to grow to one of the highest rates in the world .[31][32][33]
According to Corrales and Penfold, "Chávez was not the first president in Venezuelan history to be mesmerized by the promise of oil, but he was the one who allowed the sector to decline the most", with most statistics showing deterioration of the industry since the beginning of his presidency.[34]
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White House gives Maduro ultimatum as U.S. moves toward land operations [View all]
GJGCA
20 hrs ago
OP
Smash and grab theft is not all that sophisticated, especially for a mob boss.
Irish_Dem
8 hrs ago
#63
Xi is getting his panties in a bunch because the Japanese defense minister
RazorbackExpat
15 hrs ago
#52
We know there is ratfuckery afoot. We just don't yet know the nuances of it.
Irish_Dem
8 hrs ago
#65
Yes but Russia is depleted from the Ukraine war, and China is preoccupied with trade negotiations.
Irish_Dem
8 hrs ago
#64
"...trying to oust a democratically elected leader " Maduro? Lost the last 2 elections but held on to power
EX500rider
18 hrs ago
#24
I read your attached article and once again, as I've said before..this is the best place to learn about issues
Deuxcents
16 hrs ago
#48
This oil was likened to the filthy oil field Canada that went through Keystone XL,
GreenWave
17 hrs ago
#41
That's largely because Venezuela doesn't have the tech or knowledge base to maintain domestic oil production
NickB79
16 hrs ago
#46
It is commonly understood that Maduro has stolen elections and maintains power by force.
everyonematters
20 hrs ago
#13
The Carter Center was not happy with the last elections and thought it was very improper
EX500rider
3 hrs ago
#68
Did we really learn nothing from the last two pointless, fifteen year-long wars?
Aristus
18 hrs ago
#26
I have a better idea, tRump and his fascist regime leave the US so democracy can return. Nt
yaesu
18 hrs ago
#27
Venezuela is awash with Mal de Chagas, With RFK jr to "protect" our soldiers
GreenWave
17 hrs ago
#36
Since Venezuela is in the Amazon basin, they also have dick-eating catfish
jmowreader
17 hrs ago
#40