Why Venezuela Is So Poor Despite Having So Much Oil

Venezuela, despite having the largest oil reserves in the world, faces severe economic challenges. The country's history of colonialism, independence, and oil discovery has shaped its current state. Initially prosperous due to oil, Venezuela's economy suffered from over-reliance on this resource, leading to Dutch Disease. Political changes under Hugo Chavez and Nicolas Maduro, combined with declining oil prices, resulted in hyperinflation and a mass exodus of citizens. While recent signs of economic stabilization offer hope, Venezuela's path to recovery remains long and uncertain.

What is the main reason for Venezuela's economic struggles despite its vast oil reserves?

• High levels of tourism

• Strong agricultural sector

• Over-reliance on oil

• Lack of natural resources

Which indigenous civilization was mentioned as being present in Venezuela before European colonization?

• Inca

• Aztec

• Tomodo Quika

• Maya

Who was the key figure in Venezuela's fight for independence?

• Juan Guaido

• Nicolas Maduro

• Simon Bolivar

• Hugo Chavez

What was the name of the federation formed after Venezuela's independence?

• United States of South America

• Latin American Union

• Grand Colombia

• Andean Federation

In which decade did Venezuela become one of the largest oil exporters in the world?

• 1940s

• 1920s

• 1950s

• 1930s

What was the name of the state-owned company established to manage Venezuela's oil industry?

• Venezuelan Oil Authority

• Petroleos de Venezuela

• Venezuela Oil Corp

• Oil and Gas Venezuela

What economic effect did Venezuela experience due to its reliance on oil?

• Dutch Disease

• Spanish Flu

• American Dream

• British Invasion

Who succeeded Hugo Chavez as the President of Venezuela?

• Simon Bolivar

• Juan Guaido

• Rafael Caldera

• Nicolas Maduro

What was one of the major consequences of Venezuela's economic crisis in the mid-2010s?

• Increase in tourism

• Mass emigration

• Booming stock market

• Rise in agricultural exports

By how much did Venezuelan immigration increase in Chile between 2015 and 2017?

• 500%

• 1000%

• 2000%

• 1388%