Oil price history and analysis updating dating in orange county
Venezuela’s oil industry was in the midst of an economic boom, which was fueled by high international oil prices.Although the oil boom provided Chavez with the short-term resources needed to fund his programs at home, his strategy was unsustainable, and the Venezuelan economy tanked as soon as oil prices plummeted.This strike forced Chavez out of office; he retaliated with organizational “changes” to top management, which involved firing 18,000 workers and consolidating control.Chavez continued to choke the private oil industry under his iron fist through 20, fully nationalizing oil exploration and production by forcibly seizing the assets of oil companies such as Exxon Mobil and Conoco Philips. Chavez eventually succeeded in expelling all foreign oil companies, which limited the capacity of Venezuela to expand in the oil industry.EIA assesses the various factors that may influence crude oil prices — physical market factors as well as those related to trading and financial markets.We describe the seven key factors that could influence oil markets and explore possible linkages between each factor and crude oil prices.
Venezuela’s economy is almost entirely dependent on oil – profits from exporting oil compose 40% of governmental revenue, more than 50% of the country’s GDP, and roughly 90% of all exports. When Chavez took office in 1999, the Asian economic crisis caused a considerable drop in the price per barrel of oil, debilitating the Venezuelan economy.We include regularly-updated graphs that depict aspects of those relationships.Several graphs include projections from EIA's Short-Term Energy Outlook.After his failed military uprising in 1992, Hugo Chavez, a dissatisfied and impassioned military officer, was thrown into prison.Soon after his release in 1994, Chavez capitalized on the economically distraught and politically charged Venezuela, and was soon elected to the Presidency in 1998 as the de facto head of the United Socialist Party.