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Venezuela's oil bonanza

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Manage episode 228001158 series 1301442
Content provided by BBC and BBC World Service. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by BBC and BBC World Service or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Rocketing oil prices in the mid 1970s fuelled massive consumer and government spending in Venezuela, earning the South American country the nickname "Saudi" Venezuela. Buoyed by the extra revenue, the government moved to nationalise the iron and oil industries. But by the end of the decade, corruption and nepotism had set in and the economic bubble burst. Mike Lanchin hears from the former Venezuelan oil executive, Luis Giusti and the artist and photographer Frank Balbi, about their memories of those days.

(Photo by Seidel/United Archives/UIG via Getty Images)

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2035 episodes

Artwork

Venezuela's oil bonanza

Witness History

281,470 subscribers

published

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Manage episode 228001158 series 1301442
Content provided by BBC and BBC World Service. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by BBC and BBC World Service or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Rocketing oil prices in the mid 1970s fuelled massive consumer and government spending in Venezuela, earning the South American country the nickname "Saudi" Venezuela. Buoyed by the extra revenue, the government moved to nationalise the iron and oil industries. But by the end of the decade, corruption and nepotism had set in and the economic bubble burst. Mike Lanchin hears from the former Venezuelan oil executive, Luis Giusti and the artist and photographer Frank Balbi, about their memories of those days.

(Photo by Seidel/United Archives/UIG via Getty Images)

  continue reading

2035 episodes

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