It’s extra heavy but we know how to process it. Before Chavez, they were buying refineries in the US and Europe to process it. They destroyed their own oil industry.
I believe before they went far left, Venezuela was the richest per capita SA country. (not certain if true)
I went to school with some Venezuelans at University of Florida. They were kind and educated.(obviously from rich families)
They were in Chemical Engineering. I wonder if they have left Venezuela for America?...
When Allende took over in Chile, he “bought” all of the General Tire production facilities for $1. Several years later, he tried to sneak through the back door and buy parts for the machines. Everyone said “No!”.
I remember when he took power, he said he would double everyone’s income and freeze prices, which he did. I also remember Tom Streithorst standing the streets of Santiago saying that if he pulled that off, we would have to rewrite all of the economics textbooks. Allende was shot to death in another coup, which proves a point: Don’t screw around with the laws of supply and demand.