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shouldn't Venezuela be one the richest country in the world? As far as I know they have the biggest oil reserves in the world.
by mustaflex 9y ago
shouldn't Venezuela be one the richest country in the world? As far as I know they have the biggest oil reserves in the world.
- dragontamer 9y agoVenezuela is so poorly managed they were losing money at $150/barrel of crude oil. Last year, oil has been $30 to $50 per barrel. `nuff said. Its an issue of poor governance. Venezuela was heavily dependent on high-priced oil to keep their finances together, and it all collapsed as oil prices dropped.
- kaycebasques 9y agoWhat were they spending their money on?
- dragontamer 9y agoUnfortunately, I don't know. I'm an outsider from the USA. So I don't want to get much deeper into the details and pretend I know a lot about Venezuela. But clearly, they're doing something wrong down there. They are a very oil-rich and resource-rich nation. So they should have the money to do this correctly, even as Oil Prices have dropped.
- cptaj 9y agoThat's what corruption will do to you.
- contravariant 9y agoI believe this is what economics call Dutch disease. And corruption probably, although that might not be unrelated.
- freeone3000 9y agoThere's still oil! They could still be rich! They fucked it up.