Venezuela is still Number One on the list of countries with the highest known oil reserves. According to WorldAtlas.com (link below), her production has fallen because of the decline in oil prices and because she did not “invest in the renovation of its obsolete oil extraction infrastructure.”

Second on the list is Saudi Arabia, which makes “it a strong ally to the United States, despite many [sic] blatantly problematic aspects of the country. Some of those include human rights violations and many international incidents.”

Readers of this blog know that I love the country of my birth and grieve for what she has been becoming. I have childhood friends there whom I dearly love and hold in the highest esteem, especially the few surviving friends of my own parents. However, I must say that to point out “blatantly problematic aspects” of Saudi Arabia while blithely ignoring the very real “blatantly problematic aspects” of Venezuela is irresponsible and is the type of reporting which has given cover to the catastrophe that has been unfolding there since the 1960’s and which accelerated dramatically since the Chavez regime.

Venezuela continues to be very rich in natural resources: not only is she the richest in oil reserves, but she is also supremely rich in other minerals (see here and also see under “Juan Vicente Gómez here) and yet many of her people are malnourished (I have personal knowledge of this), others have regressed to the use of donkeys because they cannot afford to buy rationed gasoline even at under $0.10 per gallon. Many thousands are now turning to fire for energy in their homes given the ongoing failures of the energy grid, often plunging them into utter darkness. Some reports say that the grid failed over 80,000 times (!) in 2019. Think of the impact on public transportation, hospitals, clinics. On everything needed for modern life.

The situation is so dire that the Venezuela refugee crisis is the largest ever recorded in the Americas.

Let that sink in for a moment. The largest ever recorded in the Americas. We’ve all read and heard about the despotic regimes of Gómez and Pérez Jimenez in Venezuela, Pinochet in Chile, the generals in Argentina, Stroessner in Paraguay, and others in Central America. But none of them — none — caused such magnitudes of peoples to flee their homelands in such massive numbers. None. The only one that comes close, as a proportion of her population, is Castro’s Cuba. The reader can deduce whatever similarities there may be between Cuba and Venezuela that would cause their peoples to leave their homes and head to unknown destinies through even less known, and frightening, seas and jungles.

Latest estimates are that about 6 Million Venezuelans have fled the country. That’s twenty percent of her population. See here.

How is it that a land so rich can be so poor? How is it that a land once hailed as the most stable democracy in South America is now a despotic regime where torture is commonplace (see here)?

As has been seen throughout this blog, the current problems did not begin with Chavez or Maduro.

Venezuela’s initiation into democratic rule took place in 1959, after a half century of unprecedented prosperity, mostly under General Juan Vicente Gómez, who in my childhood, an era of less political correctness, was often referred to as “the father of modern Venezuela.” He was a dictator but was not hailed as Castro was, even though he too was a dictator. The difference? Castro was one of the Socialist Beautiful People; Gómez was not.

Be that as it may, the long years under Gómez (in office from 1908 to 1935) were characterized by unparalleled stability and prosperity. This stability began years before the discovery of the first major oil reserves in Mene Grande (see here). Venezuela had a growing and prosperous middle class by the end of the Pérez Jimenez regime (see here), after which came the election of Rómulo Betancourt, generally acknowledged to be the country’s first democratically elected president.

So, Venezuela’s first democratically elected president was installed 140 years after the country’s declaration of  independence. In sum, during the preceding (19th) century, Venezuela, like her neighbors, had been racked by revolutionary governments and bloodletting, and during the first half of the 20th century she had phenomenal growth and stability under authoritarian governments.

(The unfortunate fact is that South America’s wars for independence were not at all like North America’s. Unlike the North American colonists, the South American Criollos were enthralled by French Revolutionary ideas and sought the positions of power to which they believed they were entitled. This partly explains the long years of despotism and carnage, which is similar to post revolutionary France. If interested, see more on the differences between the United States and the Venezuelan Declarations of Independence here.)

As we have noted before (for example, see here) Betancourt, who had organized the Communist Party in Costa Rica in the 1930’s, but who had since shed his radical outspoken ideology and had migrated to a kinder, gentler democratic socialism, immediately set about to dismantle the structures of economic freedoms and low levels of taxation and regulations that had enabled the country to achieve such heights. In effect, his policies spurred the growth and intrusions of government, including nationalizations of major industries such as oil and iron ore. These  reversals of economic liberties continued up to Chavez and Maduro where such policies did not change. They accelerated.

So the owners of industries in Venezuela are now the people. And, of course, when politicians say “the people,” that  means The State and all those who, along with them, have the right political connections. And that has been catastrophic for Venezuela.

And so the country with the highest known oil reserves in the world is now a financial nightmare suffering shortages under political oppression, with many of her people in distress and, where able, voting with their feet by leaving.

Pray for the people of Venezuela.

For more on the power outages, see here (Spanish language article).

For the WorldAtlas report on oil reserves, see here.