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Essay heading: Venezuela - Oil Dependence And Its Consequences
 
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Issue: Social Issues
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Date added: June 18, 2007
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No of pages / words: 13 / 3494
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Serious exploitation then began only to take place after 1917. When exploitation was regulated by 1904, the president had the authority to make concessions in order to encourage oil companies. This process was executed through a fixed tax rate of 25 % as a gift to the oil companies, well accepted by the British companies which were controlling the petrol production at this time...
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This process was executed through a fixed tax rate of 25 % as a gift to the oil companies, well accepted by the British companies which were controlling the petrol production at this time. At the end of 1919, when bigger concessions were granted to US companies, even the US state recognized Venezuela’s high importance for the production of petrol, mainly because of its geographical location and its larges reserves of this rich commodity...
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