What happened in Venezuela?
A timeline of the social, economic, and political crisis.
1912: Although the existence of oil in Venezuela has been known since pre-colonial times, the first oil well was drilled in 1912- launching Venezuela on the path to becoming a Petro-State (a nation which is heavily dependent on oil).
1973: OPEC Embargo Brings Billions
OPEC (Organization of the Petroleum Exporting Countries) declares an oil embargo on countries supporting Israel in the Yom Kippur War. The price of oil quadruples and Venezuela earns billions of dollars.
1985: Oil price crash
In the 1980s, oil prices plunge and Venezuela experiences inflation and a decline in economic growth. The IMF (International Monetary Fund) offers a bailout and Venezuela is forced to adopt austerity measures. Riots break out in response to the austerity.
1998: Hugo Chávez is elected President
Using the wealth created by Venezuela’s oil, Chavez expands social programs. Although poverty is dramatically reduced, Venezuela’s dependence on oil also increases.
The funding of social programs and poor leadership increase dependence on oil.
2013: Maduro is elected president
After Hugo Chavez dies, Nicolas Maduro becomes President. Maduro continues heavily spending on social programs while the price of oil declines, sending the Venezuela economy in the tailspin.
2014: Protests and hyperinflation
Thousands take to the streets to protest against Maduro for months and Venezuela sees a 63 percent inflation rate.
2015: Food shortages and silencing of the opposition
Throughout his presidency, Maduro has been accused of silencing opposition leaders and committing massive human rights violations. At the same time, Venezuelans are struggling with massive food shortages, with the average Venezuelan losing 19 pounds of weight between 2015–2016.
2019: US Aid is blocked and Juan Guido enters the picture
Aid sent from the US is blocked by Maduro from entering the country. After an election accused of massive fraud, opposition leader Juan Guido claims the presidency.
2020: COVID-19’s Impact
Because Venezuela was already struggling with massive unemployment, food shortages, and a lack of health care prior to the pandemic, COVID-19 has exacerbated all of these issues. Some refuges who fled to neighboring countries such as Colombia have been forced to return back to Venezuela due to losing their jobs. Many are also homeless and unable to abide by proper social distancing guidelines.
