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Table of Contents
1. Historical Background to Venezuela’s Oil
1.1. Before the discovery of oil
1.2. Oil is found
1.3. Oil as a major government issue
1.4. Where is the oil-revenue spent to?
2. Consequences of Oil Dependency on the Economy
2.1. Introduction
2.2. Oil dependence and the Economy
2.2.1. Oil Price
2.2.2. Currency
2.2.3. Other Sectors of the Economy & Overall Economic Growth
2.2.4. Impact on Society
3. Effects of Oil Dependence on Importing Countries
4. Solutions

1. Historical Background to Venezuela’s Oil

1.1. Before the discovery of oil

To begin with, it should be pointed out, that, before the discovery of oil in Venezuela, the country was never as important for the Spanish empire as its other colonies. Colombia was an indispensable element of the economy due to its coffee production, Peru was known to be an occupant of gold and Bolivia was of great importance because of its silver mines. During the......

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Approximate Word Count: 3451
Approximate Pages: 14 (250 words per double-spaced page)

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