Venezuela's Oil History and the Resource Curse

Early on Jan 3, news broke that Venezuelan President Nicolás Maduro had been captured by U.S. troops and was being flown to New York to stand trial. Later that day, President Donald Trump said the United States would take control of Venezuela’s massive oil reserves. Protests erupted almost immediately, reviving the Iraq War–era slogan, “no blood for oil.”

Host Megan McArdle breaks down the long, troubled history of Venezuelan oil and explains why the U.S. has a responsibility to help rebuild the country's economy.

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