Oil is Venezuela’s only real economic asset, accounting for more than 95 percent of its export revenues. But its oil industry has been wrecked by neglect and corruption. The government is now purging that industry’s leadership. But it’s probably too late.
They say oil is as much a curse to Venezuela as it is a blessing. The South American country has the world’s largest oil reserves. But its oil wealth has long been looted by corrupt ruling elites. Or, in this century, by a corrupt socialist revolution.