Given that Venezuela has the most oil reserves in the world, why isn’t the country as rich as Saudi Arabia? Also, why have so many of the major oil companies stopped operating there?

Question

Given that Venezuela has the most oil reserves in the world, why isn’t the country as rich as Saudi Arabia? Also, why have so many of the major oil companies stopped operating there?

In: 8

Answer 1

Socialism. Once the government decided to take oil from private companies it started a downward spiral that killed their economy.

Answer 2

Socialism. Once the government decided to take oil from private companies it started a downward spiral that killed their economy.