It Ruins Everything: Socialism Destroys Venezuela’s Lucrative Oil Industry

Similar to a tsunami that destroys everything in its path, the Maduro regime has destroyed the lucrative Venezuelan oil industry.

Attempting to evade the sanctions imposed by the United States, the socialist dictator Maduro is studying the possibility of privatizing the oil industry.

The regime proposed giving majority shares and control of its oil industry to big international corporations.

According to a Bloomberg, Maduro’s representatives have held talks with Russia’s Rosneft PJSC, Repsol SA of Spain and Italy’s Eni SpA.

The idea is to allow them to take over government-controlled oil properties and restructure the debt of the state oil company PDVSA in exchange for assets.

This represents the second proposal by the regime with a declining oil sector due to inefficient management. Moreover, this requires the modification of the Venezuelan laws passed in the parliament, led by Juan Guaidó.

This is the latest sign that socialism has no brakes when it comes to destroying a country’s income. But not only the oil industy but the businesses that boosted productivity in the country are now gone, just years after Hugo Chavez took over with his Socialist plans for Venezuela.

The socialists promised positive changes, democracy, equality and equal rights.

The Venezuelan experiment is a warning for other nations.  Socialism brought pain and destruction to the Venezuelan people.

In conclusion, any strong, safe and prosperous country can become another socialist Venezuela and it won’t take long.

Elda Primera is a Venezuelan journalist in exile. She is a journalist covering the Venezuelan crisis. She was a television and radio reporter for 19 years in Venezuela before fleeing the country late last year. Currently, Elda continues to write about the Venezuelan conflict.  Elda is an expert on the dangers of socialism.  She is committed to freedom of expression and the restitution of democracy for a better world.

To contact the author:
Elda Primera at [email protected]



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Thanks for sharing!