This is a fair explanation of what happened. Nationalization of oil and gas can be done properly. US companies were reimbursed.
The problems in Venezuela's oil industry can be traced back to several key decisions that took place over the past 20 years.
www.forbes.com
A fair explanation? The author pretty much dismisses the fact that Venezuela stole the assets that private companies built. And this was at least the second time they did this. There is no adequate compensation for theft, hence sanctions.
The author claims the root of the problem goes back 20 years? Technically it goes back much further, to every time a new despot leader takes over the country.
The only problem with Venezuela's oil industry is it was nationalized. Yes you can argue other countries nationalized their oil industry but then why the difference in Venezuela? It must be a country that is ran by the corrupt, the greedy, which destroyed International Corporations confidence in investing.
Sadly, the Forbes article is singular in its focus. As if only a better managed oil industry and a little better government would fix the problems in Venezuela.
Venezuela's problems, are very simple. They rejected CAPITALISM and the USA. Not only did Venezuela nationalize U.S. companies in the oil sector, but they did that in all sectors. Venezuela than turned to other third world companies to replace U.S. companies. This resulted in corruption and crucial projects being delayed, unfinished, and even more expensive. Corruption as in the money allocated for these projects disappeared.
Yes, corrupt dictators in the third world do not belong in power, and us, the USA which suffers the refugees, we should destroy these dictators with our military, for our sanctions are slow, yet people like you I suspect would cry much louder if we destroyed the dictators with our military.
Venezuela, much of their electricity, almost all of their electricity comes from Dams. Throughout the years, there has been droughts, some lasting many years. Pretty hard to run the Oil industry without electricity, and that is exactly what happened. That and of course nationalizing the free world corporations.
Venezuela made it's bed, now the people can rise up, install a new leader, and beg us for help, promising to play nice, or they can be a piece of shit third world hell hole.
People in the USA wont allow us to make the choice, so it is up to the people in Venezuela to decide.
Biden of course, he is happy to be a corrupt president, giving our money and expertise to corrupt dictators. Funny how they seem to so friendly.