Venz. nationalized their oil back in the '70's. All that has happened since the Chavistas got ahold of it is a huge drop in production since they fired all the competent workers and drove off the international companies lending expertise:
Venezuela's oil industry is in crisis.
What was once the backbone of Latin America's most prosperous nation is now a constellation of rundown projects, shuttered infrastructure and empty stillness.
The workers, who years ago enjoyed some of the best benefits among Venezuela's public and private employees, have paid the highest price for their country's spiral into hyperinflation. Their salaries are now worth just a handful of dollars.
https://money.cnn.com/2018/05/09/news/companies/venezuela-oil-industry/index.html
"Since the Chávez government got control over the national oil industry, poverty has been cut by half, and extreme poverty by 70 percent."
That's even more wrong, it went that way at 1st but has swung so far the other way it is not funny:
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