Did Energy Ruin Venezuela?
History of Its Oil. First drilled for in 1879, oil was seen as a resource that Venezuela could one day profit from if it ever grew in demand. [1] About 40 years after, the United States began to increasingly utilize oil, and Venezuela found itself sitting on a gold mine. [1]
Consequently Venezuelan economy has been affected by the fluctuations of the world market for oil. When the market for oil is high, Venezuela’s economy flourishes, but when there is less demand for oil throughout the world, Venezuela suffers. Through the examination of Venezuela’s economy throughout history, this pattern becomes obvious.
The Economics, Culture, and Politics of Oil in Venezuela
This fact is of immense importance to understanding Venezuela because it has shaped practically every aspect of the country, its history, its economy, its politics, and its culture. In what follows I will provide a brief history of Venezuela’s oil industry. Next, I discuss how the oil industry has shaped the economy, polity, and culture.
Oil History in Venezuela. The presence of oil was known in Venezuela even before the Discovery of the Americas in 1492; back then, Indians were aware of the existence of hydrocarbons that appear on the surface of their lands. They used them for medicinal and illumination purposes.
Economic Growth and Governance for Venezuela | Harvard's
Venezuela is currently undergoing the worst economic crisis in its history. By the end of 2024, more than 30% of the gross domestic product (GDP) it had three years ago will be lost. Poverty has soared to record levels. Monthly inflation rates are gradually approaching hyperinflation. Shortages of basic food staples and medicines are rampant.
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Juan Vicente Gómez and the Oil Companies in Venezuela, 1908–1935. By B. S. McBeth. (Cambridge: Cambridge University Press, 1983. xi + 275 pp. $49.50.)
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Since the last report of the Brookings Institution Working Group on Venezuela in April 2024, 1 the crisis in Venezuela has considerably worsened. As of fall 2024, the country is in a rapidly ...
Stanford University was founded in 1885 by California senator Leland Stanford and his wife, Jane, “to promote the public welfare by exercising an influence in behalf of humanity and civilization.” A portrait of Senator Leland Stanford, Jane Lathrop Stanford, Leland Stanford Jr. taken in 1878 ...
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Oil History in Venezuela. The presence of oil was known in Venezuela even before the Discovery of the Americas in 1492; back then, Indians were aware of the existence of hydrocarbons that appear on the surface of their lands. They used them for medicinal and illumination purposes. Also, they collected oil from small creeks near seepages by
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This book is a study in the determination and implementation of public policy toward a massive, foreign-controlled export industry. More precisely, as the title indicates, it is an attempt to come to grips with the politics of Venezuelan oil -- with the pattern of conflict and bargaining among the major contenders in the oil policy system, and with the ways this pattern has been shaped by (and
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Tom O’Donnell, Ph.D. NOTES: (i) Due to space constraints, I have listed mainly books on. Venezuela itself, and not the global political economy of oil or U.S. policy.
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