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
They tried nationalizing the oil, and then were utterly incompetent in trying to use the oil to build the economy. Turns out you need trained oil workers to run the machinery. Then they invited oil executives to come and work with them and then arrested them all. Now, there’s a general boycott by the oil industry and sanctions by the United States that no one wants to cross.
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
They tried nationalizing the oil, and then were utterly incompetent in trying to use the oil to build the economy. Turns out you need trained oil workers to run the machinery. Then they invited oil executives to come and work with them and then arrested them all. Now, there’s a general boycott by the oil industry and sanctions by the United States that no one wants to cross.
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