Chevron, Venezuela and the Paradox of Plenty

Planet Money

Jan 17

Overview Shownote Highlights Transcript Chapters Pins

Shownote

Venezuela and Chevron have perhaps one of the strangest partnerships … ever? Chevron, one of the world’s most famous and profitable oil corporations, has for decades, been plugging away in Venezuela, one of the world’s most famous and infamous socialist co...

Highlights

Few corporate-nation relationships are as paradoxical as the one between Chevron and Venezuela. Over nearly a century, their fates have been deeply intertwined, shaped by oil booms, political upheavals, and global power shifts—all against the backdrop of a country rich in resources but plagued by instability.

06:43

The 1922 oil gusher at Lake Maracaibo transformed Venezuela into the world’s top oil exporter almost overnight.

12:59

Juan Pablo Perez Alfonso initiated Venezuela's oil nationalism, leading to the 50-50 agreement with Chevron and the Seven Sisters.

32:15

Exxon's CEO says Venezuela is uninvestable due to legal, commercial, and operational issues

Chapters

How did an oil gusher in Lake Maracaibo turn Venezuela into the world’s first petrostate?

00:00

What happened when Venezuela demanded a fair share from foreign oil giants?

12:59

Why did Venezuela’s golden age of oil end in crisis and unrest?

19:08

How has Chevron survived in Venezuela when others walked away?

29:04

Transcript

Speaker 4: This message comes from the International Rescue Committee. Co-founded with help from Albert Einstein, the IRC provides emergency aid and support to people affected by conflict and disaster. Donate today by visiting rescue.org. Slash rebuild. E...