Venezuela oil

When Hugo Chavez took power in Venezuela in 1999 the country was in an economic mess with 50% poverty rates and 30% inflation. The price of oil went from $12 per barrel to $120 per barrel by 2008. As the price rose Chavez nationalized the industry and instead of using the profits to properly maintain the industry, he used the money for social programs. Many of the management and engineers who worked for US oil companies left and oil production began to decline from 3 million barrels per day to less than a million in 2019. During this time Chevez died in 2013 and his friend Maduor took over. With the oil money flooding the country many social programs where installed but mismanagement and corruption set in and when the price of oil dropped the economy collapsed. Since 2014, eight million (20% of the population) people have fled the country with and estimated 2,000 still leaving each day. They killed the goose that laid the golden egg. It was the old story that socialism is great until you run out of the other guy’s money. The question now, is will the American oil companies be willing to come back and build up production.