Venzuela

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Venzuela

  1. 1. Venezuela “The Perils of Petrocracy”
  2. 2. Nationalization What percentage of world oil reserves is held by national oil companies, with no private equity? A: 13% C: 50% B: 37% D: 77%
  3. 3. Correct Answer: 77% There are also 13 state-owned oil companies with more reserves than ExxonMobil ExxonMobil is the largest multinational oil company in the world.
  4. 4. Chávez as a prophet... What does Chavez call his invented brand of socialism? Bolivarian Socialism - Named from Simón Bolívar: a little Marx, a little Jesus, a little anti-imperialism, and a lot of his dedication to the “comprehensive, humanist, endogenous and socialist development of the nation.”
  5. 5. What is Pdvsa - and what sort of effort is it using to help the country? Pdvsa is the personal oil company of Chavez - they are investing the company’s profits in helping dropouts finish high school.
  6. 6. Issues with Nationalized Oil Companies Cost Research & Development Attempting to keep capacity Re-investment
  7. 7. Pdvsa... the best? What company did Pdvsa take over in the form of Nationalization in January of 1976? Exxon - the company changed nothing but the name which was essential to the seamless transition - until Chavez of course.
  8. 8. Pdvsa at one point in history is the best example of a nationalized oil company. Nearly 10 years later - As the company sinks farther into debt now, this is simply not the case any longer. http://www.youtube.com/watch? v=wBJTdkenjSA
  9. 9. The Poor Get Rich...sort of. The gains in health, education and housing have been significant.
  10. 10. What next? What do you feel will happen next - does nationalized oil companies lead to corruption? Should all oil be privatized?

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