Venezuela’s Oil Boom: A Cynic’s Thaw

The dream of U.S. oil companies repairing Venezuela’s “antiquated infrastructure” is a siren song. Thirty billion barrels of crude sleep beneath the earth, yet the machinery to extract them rusts in the sun, victims of Chávez’s nationalization and Maduro’s misrule. To revive this slumbering giant, fortunes must be spent-$100 billion to $200 billion over a decade, if one believes the analysts. It is the price of resurrecting a corpse, and the corpse may yet reject the lifeblood offered.



