Yes, but perhaps more importantly is that the oil industry in Venezuela was nationalized decades before Chavez, let alone Maduro. This narrative that either of them nationalized the industry as a “power grab” is entirely ahistorical. The real change under Chavismo was that the largesse from the oil industry started getting directed towards the lower classes and away from the politically connected bourgeoisie.

[–] whogivesashit@lemmygrad.ml 23 points 16 hours ago (1 children)

Oh well yeah 100%. I actually had an argument with my friend a while back and he was flabbergasted when I mentioned this happened decades before chavez. Chuds stay ignorant as fuck about history

[–] quarrk@hexbear.net 23 points 15 hours ago

The other prevailing myth is that Chávez kicked foreign affiliates out of the oil industry. In fact, the change was simply a mandatory 51% minimum stake in any joint venture with foreign capital. This ensured domestic control over the nation's own resources, but did not in any way prevent foreign investors from profiting from Venezuela's oil.

The reason the foreigners left, such as ExxonMobile, is that they couldn't take yes for an answer. They threw a tantrum, took their ball, and went home to complain to the US government that they didn't get every single thing they wanted. That's the original sin of the Bolivarian Revolution that led to all of this bullshit.