PDVSA and the Nationalization of the Oil Industry in Venezuela
DOI:
https://doi.org/10.52195/pm.v12i1.158Abstract
Before the arrival of the Oil Industry in Venezuela, Venezuela had an agrarian economy. Its main products of export were cocoa, coffee, livestock, among others. The majority of these products were exported to the European markets. Ever since the Venezuelan independence, the country was ruled by Warlords that embarked on a series of political philosophies that can be considered the earlier stages of the populism that followed in the XX century (Niño, 2012).
The existence of oil was already known to Venezuelan indige-nous prior to the Spanish arrival in the country. However, it was not until 1878 that Manuel Pulido and other businessmen founded Compañía Nacional Minera Petrolia del Táchira under a concession from the central government in Caracas.
Even after the establishment of Compañía Nacional Minera Petrolia del Táchira, the country still remained an agrarian based economy. It was after 1908 when then dictator Juan Vicente Gomez granted concessions to foreign companies giving Venezuela newer technology necessary for crude exploration, production, and refining.
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