Oil price history and analysis updating cold dating dog find guide hearts lover nose using warm
Venezuela’s oil industry was in the midst of an economic boom, which was fueled by high international oil prices.Although the oil boom provided Chavez with the short-term resources needed to fund his programs at home, his strategy was unsustainable, and the Venezuelan economy tanked as soon as oil prices plummeted.Although oil once helped this malaria-infested Caribbean nation rise from poverty, it has also led to the recent economic calamity under Chavez’s controlling regime.Analysts say that a lack of investment in basic infrastructure by the nationalized PDVSA and an inability to pay contractors lie at the essence of Venezuela’s economic collapse. The next step in the analysis is to look at Chavez’s Bolivarian missions, which were heavily funded by the aforementioned rising oil prices.
Recently, oil prices have fallen as low as .36, their lowest point in 12 years.
Venezuela was left deprived of technological advances in oil mining adopted by foreign companies, and therefore, oil-rich areas such as the Orinoco belt, were left untapped.
Venezuela’s declining oil production took a considerable toll on its economic development.
Venezuela’s economic dependence on oil set the scene for Chavez’s rise to power, and fueled his policies at home and abroad.
However, Chavez’s strong steps to accrue government revenue through Venezuela’s oil production placed deleterious pressure on oil prices, which began the country’s downward economic spiral.