Search Engine The Venezuelan Curse (Part 2)
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Jan 20, 2026 
In this engaging discussion, Alejandro Velasco, a history professor at NYU specializing in Venezuelan history, unpacks the journey of Venezuela from a thriving democracy to a struggling dictatorship. He details Chávez's nationalization of oil and its dire repercussions. The conversation explores the chaos following the 2002-03 PDVSA strike, escalating repression under Maduro, and the impact of U.S. sanctions. Velasco emphasizes the importance of nuanced understanding over simplistic narratives, examining Venezuela's complex socio-political landscape.
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State Control Broke The Oil Engine
- Nationalizing oil gave Venezuela control of profits but also full responsibility for investment and maintenance.
- Alejandro Velasco says PDVSA shifted from reinvesting in itself to funding broad social programs, eroding industry capacity.
The Missing 'Days Since Last Accident' Sign
- Alejandro Velasco recalls a road sign counting days since the last refinery accident that later disappeared as accidents rose.
- He uses this memory to illustrate declining professionalism and safety at PDVSA after the 2002–03 strike.
Petrodollars Hid Waste And Fed Grandiosity
- Chávez directed roughly a trillion dollars of oil revenue into ambitious state projects and regional schemes.
- That influx masked waste and encouraged grand promises like a continental gas pipeline that proved practically impossible.
