Oil industry counts cost of Chávez inheritance
Chávez left behind a mixed legacy for Venezuela, now the country must move forward
In late 1998, Venezuela was mired in an economic crisis. Oil prices had fallen to less than $10 a barrel, eviscerating the country’s finances, plunging Venezuela into a deep recession and further exposing social and economic divisions in a country in which oil wealth had long flowed only to the elite few. With elections looming, the two most prominent political parties, which had dominated Venezuelan politics for 40 years, were thoroughly discredited.
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