Venezuela, the Oil-Rich Nation without Fuel

A worker pumps fuel at a state oil company PDVSA gas station in Caracas, Venezuela, May 17, 2019. (Ivan Alvarado/Reuters)
Years of economic mismanagement and corruption have combined with a poorly designed and inefficient system to create an unprecedented crisis.

NRPLUS MEMBER ARTICLE T here are just a handful of countries as blessed as Venezuela. It has the largest oil reserves of any country on Earth. It has abundant reserves of natural gas, coal, timber, and gold. And as if this weren’t enough, it also has miles of fertile land and an ideal geographical location to export all of its blessings. Yet, there is a popular joke around here that says: “Why was God so generous to us? He gave us everything, even perfect weather, and beautiful beaches. Well, because he also gave us our politicians and a society that has not been capable of

Jorge Jraissati is the president of the Venezuelan Alliance and a fellow at the Abigail Adams Institute. He has spoken about the Venezuelan crisis at numerous universities, including Harvard, NYU, and Cambridge.

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