If Venezuela has oil, why aren't they a rich country like Saudi Arabia?

Question

Is the government hogging it all?

Answer 1

Saudi Arabia has oppressive laws. It is rife with fraud and illegality and has consorted with Western oil countries.

Venezuela is coming out of a similar situation where regular citizens were not treated equally and were considered chattel. Over history, the few rich took all land and resources which was slowly retaken back by the Chavez government and spread around the nation. Socialism makes people more equal.

But the rich are angry and will take that government down as has been done elsewhere.

Regular Saudis can't do that. They will be whipped and hung.

Answer 2

Venezuela is coming out of a similar situation where regular citizens were not treated equally and were considered chattel. Over history, the few rich took all land and resources which was slowly retaken back by the Chavez government and spread around the nation. Socialism makes people more equal.


That is not exactly true. Although the poor had been undoubtely neglected, Chavez's regime has not improved the country's situation. Division has grown in the country and there has been an outburst of regressive-racism. Instead of making people equal, Chavez's regime has just caused the poor to blame the rich for their condition, taking advantage of his demagogic skills to adoctrinate the poor by giving them money in exchange of their support and firing local employees who vote agains his reforms (the vote is not secret anymore). Although Chavez calls himself a socialist if you truly analize his regime you will notice it has nothing to do with Socialism but with Fascism, specially because he doesn't eliminate the private sector but controls it tighly.

If you want to see a serious documentary on the issue you can go to these links:

Part I: http://www.youtube.com/watch?v=uSvJ-ULdhcQ

Part II: http://www.youtube.com/watch?v=_f-XRZylEkQ

Part III: http://www.youtube.com/watch?v=nr_nfa0L_ho

Answer 3

Corrupt government

Answer 4

Give them time to reap more of their nationalized oil profits. Ask again in about a decade.

Answer 5

Because:
1. they don't have as much oil as S. Arabia
2. They haven't been producing it for as long as S.Arabia
3. They haven't been as efficient in producing it as S. Arabia
4. They don't have a royal family that takes most of the profits.

.

Answer 6

becuase US companies owned it untill Hugo Chavez bought them out a few years ago

now the money is flowing to the poor big time there

thats why his popularity is so high among the poor

Answer 7

It is run by a banana eating bean farting clone of Idi Amin, that's why.

Answer 8

Because there more corrupt then we are. (no bid contracts in Iraq, billions of dollars unaccounted for, etc.)

Answer 9

Corruption, a thing which all south american countries are famous for.

Answer 10

YES