Oil price history and analysis updating


11-Nov-2020 15:33

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.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.Chavez’s regime left no hope for an independent recovery of the resource-rich nation, provided that Chavez’s rampant nationalization of the private sector crippled industrial competition.The growing gap between government expenditures and revenue pushed the country deeper and deeper into a pit of debt.

This can be attributed to the fall in oil production from 3.3 million barrels a day in 2006 to 2.7 million barrels a day in 2011.

It is important to keep in mind that although Chavez’s mission to alleviate the suffering of the poor was well intentioned, Chavez went about constructing and funding these programs in an unsustainable fashion.



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