What do you mean ‘till the price of oil plummeted"? The whole world plummeted in the 08’ crash. Sure the price per barrel plummeted in 2009 but the price of oil has since gone up to those early 2000’s levels…
Bruh, Venezuela has some of the dirtiest crude on the planet and lacks the ability to refine it themselves relying on American refineries which have had an embargo against importing Venezuelan oil till last year, you are so out of yout depth in global economics is laughable.
Venezuela is an example of a petrostate, where the government is highly dependent on fossil fuel income.
Petrostates are vulnerable to what economists call Dutch disease, in which a government develops an unhealthy dependence on natural resource exports to the detriment of other sectors.
The oil price plunge from more than $100 per barrel in 2014 to under $30 per barrel in early 2016 sent Venezuela into an economic and political spiral, and despite rising prices since then, conditions remain bleak.
(Source: Council of Foreign Relations)
So yeah, socialism didn’t kill the Venezuelan economy, over-reliance on fossil fuel did.
Pretty good till the price of oil plummeted, single resource economies are ticking time bombs.
What do you mean ‘till the price of oil plummeted"? The whole world plummeted in the 08’ crash. Sure the price per barrel plummeted in 2009 but the price of oil has since gone up to those early 2000’s levels…
https://en.m.wikipedia.org/wiki/West_Texas_Intermediate
Bruh, Venezuela has some of the dirtiest crude on the planet and lacks the ability to refine it themselves relying on American refineries which have had an embargo against importing Venezuelan oil till last year, you are so out of yout depth in global economics is laughable.
(Source: Council of Foreign Relations)
So yeah, socialism didn’t kill the Venezuelan economy, over-reliance on fossil fuel did.
Like most socialist nations that failed throughout history, socialism didn’t kill them, America did.
Remind me what was the price per barrel when Chavez started? Also, what is the price per barrel today?
Edit: without writing a fucking monologue, what was the price. Please I would love to know
Here’s a video that will educate you about Venezuela’s oil problems. Sorry life isn’t as simple as your logical faculties.
I asked for a number not a video. Don’t deflect please, I know the reasons are not price related.
I want a number. Tell me why the price of oil dropping is the reason they failed. I want to be educated with a number.
Here I will help,
Price per Venezuela crude oil barrel in 1999: _ . __
Price per Venezuela crude oil barrel in 2024: _ . __
🤓
Why do you want to know? Do you think Chavez singlehandedly controlled the price of oil?
You know that’s a worldwide commodity, the price of which is affected by myriad factors out of any one country’s control, right?
There’s no such thing as “price of Venezuelan crude oil” seperate from the price of all other crude oil.