The rise and fall of a petro state: the story of Venezuela’s economy

By Yasmeen Alamiri/CGTN America Twitter: @Yalamiri Images of Venezuelans searching for water, open shops, and refuge in the pitch black stands in stark contrast of the reality of the country’s natural wealth. Venezuelans have been enduring waves of blackouts and water shortages even though they sit on top of the world’s largest known oil reserves. The story of Venezuela’s economic rise and fall is one that is all too familiar for petro states. The country discovered oil in the 1920s, which drastically changed their economic structure, shifting them from agriculture production, known for coffee exports, to being almost entirely dependent on oil. Economic dependency on oil is tricky business. At its peaks, it brings an onslaught of wealth, as it […]