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.

[–] PatFussy@lemm.ee -3 points 10 months ago* (last edited 10 months ago) (5 children)

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

[–] Grayox@lemmy.ml 3 points 10 months ago (4 children)

Here's a video that will educate you about Venezuela's oil problems. Sorry life isn't as simple as your logical faculties.

[–] PatFussy@lemm.ee 0 points 10 months ago* (last edited 10 months ago) (2 children)

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: _ . __

[–] Grayox@lemmy.ml 0 points 10 months ago

🤓

[–] VikingHippie@lemmy.wtf 0 points 10 months ago

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.

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