Production levels have plummeted, infrastructure is crumbling, and international companies have largely withdrawn. Economic and Social Consequences The reliance on oil revenue has created a "resource curse" scenario for Venezuela.
Venezuela's Lost Oil Wealth and Promise
For much of the 20th century, it was a reliable and prolific exporter, using petrodollars to fund social programs and build infrastructure. The oil wealth that once promised prosperity has, for many, become a symbol of lost opportunity.
Reserve Category Estimated Volume (Barrels) Key Characteristics Proven Reserves Approx. This over-dependence has stifled the development of other sectors, particularly agriculture and manufacturing.
Venezuela's Lost Oil Wealth and Promise
But when prices fall, as they did dramatically in the 2010s, the economy collapses. Since then, a combination of underinvestment, mismanagement, corruption, and a lack of maintenance has led to a severe and sustained decline in output.
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