Venezuela has dropped its oil production
by half. But this isn’t a win for green
technology or environmentalism. It’s a failing of state socialism. After
decades of a nationalized oil industry, the country with the world's largest
oil reserves is going to be importing one-third of its daily domestic oil
usage... Venezuela has spent decades scaring off foreign investment and jobs in
their oilpatch through repeated asset seizures and court battles. This is has
spurred a marked decline in all private sector employment- only about 27% of
Venezuelans have a private sector job. More…
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