Summarizing 9 articles about oil in Venezuela (separately) - Research Paper Example

The makes the U.S. vulnerable to crises that will strike these countries. For example, the U.S. relied heavily on Venezuela for around 15% of their oil supply. This, combined with Venezuela’s proximity to the U.S., made Venezuela appears to be a “stalwart production hub” (p.3). Venezuela, however, posed to be a problem when it proved to be not as reliable in oil supply as the U.S. expected them to be. The U.S. was not the only one to fail in anticipating the Venezuelan crisis. There should be reforms in oil management strategies in order to minimize the impact of oil crisis.

DiJohn, J. (2009). From windfall to curse?: Oil and industrialization in Venezuela, 1920 to the present. University Park, Pa: Pennsylvania State University Press. This book is a very useful resource in terms of understanding the puzzles within the economics and politics of Venezuela in the past century. Venezuela experienced a rise in economy due to the influx of oil revenues from 1920s to 1965. The years that follow had been witnesses to the country’s economic downfall. From then, Venezuela has never really been able to rise again.

The common idea for Venezuela’s economic rise is oil; yet similarly, it is also the most common thing to be blamed when talking about the nation’s collapse. Yet, as the author states, the “…reigning explanations for economic slowdown in Venezuela…have proved inadequate” (p.168). The book provides several hard-to-find data that will make rethink the reasons for Venezuela’s economic collapse. This book is a gold mine of information that goes along with the ideas presented in the other articles studied for this topic.

It discusses the validity of the resource curse, the importance of the nature of Venezuela’s political framework, and even the issues on importation and exportation. Giusti, L. E. (1999). La apertura: The opening of Venezuela’s oil industry. Journal of International Affairs, 53(1), 117-128. Transactions regarding oil have tremendously changed over the past decades. Oil business had been controlled by limited suppliers before, but has lately become “an active market with floating prices and many participants” (p.128). Venezuela has long been a key player in the oil industry, however, the recent changes in the market and the global modernization requires one to look closely on what can be done in response to this changing law of supply and demand.

The author emphasizes that changes should be done in terms of oil management framework because the old system is fast becoming obsolete. Many key players in the oil industry, including Venezuela, are still supporting and are under the old OPEC management system, and continuing under this old system could be detrimental to the expansion and growth plans of oil suppliers. Hall, M. R. (2012). TINKER SALAS, MIGUEL. The Enduring Legacy: Oil, Culture. and Society in Venezuela. Journal of Third World Studies, 29( 2), 280-281.

The discussion of the more recent events regarding the social and cultural consequences of the Venezuelan oil industry is a good addition to the various information available regarding the history of Venezuela’s economic rise due to the influx of oil revenue particularly beginning 1920. The author mentions that the oil camps are “social laboratories”