Periods of excessive
public spending and failure to plan for oil price volatility have destroyed
Venezuela’s economy.
In 1950, Venezuela was the
world's 4th wealthiest nation per capita. However, Rómulo Betancourt (President
from 1959 to 1964) inherited from 1958–1959 onward an enormous internal and
external debt caused by rampant public spending
during the dictatorship.
In the 1960s, the price of oil ranged from $3.00 /bl to $3.32
/bl.
In the 1970s oil increased from $3.39 –bl to $25.10 /bl.
In 1980, the global oil price spiked to $37.42 / bl and
dropped to $14.44 in 1986.
In the 1990s, oil prices ranged from $11.91 to $23.19.
In the 2000s oil prices ranged from $27.39 to $91.48.
In the 2010s oil prices ranged from $36.34 to $91.17.
From 2010 to 2014 oil prices ranged from $71.21 to $91.17
In 1971, Venezuela nationalized its
Natural Gas industry and in 1976, it nationalized its Oil industry.
In 2017, Venezuela defaulted on its
Bond Debt. $60 billion plus another $196 billion. Socialism, incompetence and
corruption caused Venezuela to run out of cash.
Chavez was elected
1998 and established a Socialist State. Maduro was elected 2013 to continue the
Socialist State.
Year production
change
1980 2,168.00
1981 2,102.00
-3.04 %
1982 1,895.00
-9.85 %
1983 1,801.00
-4.96 %
1984 1,798.00
-0.17 %
1985 1,677.00
-6.73%
1986 1,787.00
6.56%
1987 1,752.00
-1.96 %
1988 1,903.00 8.62 %
1989 1,907.00 0.21 %
1990 2,137.00
12.06 %
1991 2,375.00
11.14 %
1992 2,371.00
-0.17 %
1993 2,450.00 3.33 %
1994 2,588.00 5.63 %
1995 2,750.00 6.26 %
1996 2,938.00 6.84 %
1997 3,280.00
11.64 %
Chavez elected 1998
1998 3,167.00
-3.45 %
1999 2,826.00
-10.77 %
2000 3,155.00
11.64 %
2001 3,010.00
-4.60 %
2002 2,604.00
-13.49 %
2003 2,335.00
-10.33 %
2004 2,557.00
9.51 %
2005 2,565.00
0.31 %
2006 2,511.00
-2.11 %
2007 2,490.00
-0.84 %
2008 2,510.00
0.80 %
2009 2,520.00 0.40 %
2010 2,410.00
-4.37 %
2011 2,500.00 3.73 %
2012 2,500.00 0.00 %
Maduro
elected 2013
2013 2,500.00 0.00 %
2014 2,500.00 0.00 %
2015 2,500.00 0.00 %
2019 1.037.00
-59.00%
Norb Leahy, Dunwoody
GA Tea Party Leader
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