They are oil rich and business poor.
Correction: they have lots of oil in the ground, where it's worth nothing. They have dealt a huge blow to the nation's capacity to produce oil as well.
Yep. Oil rich and business poor....
Hmmm, maybe I didn't explain it well enough. You're not "oil rich" unless you can get it out of the ground.
When Chavez took over Venezuela oil production was about 3.5 million barrels per day. Now it's about 1.5 million bpd.
By contrast in the USA it was about 6 million bpd, and is now about 10 million bpd. Those 20 years were good times for oil producers.