Venezuela’s Oil Industry Is Fueling An Environmental Disaster | OilPrice.com

as a result of autocratic president Nicolas Maduro ruthlessly exploiting the petrostate’s vast oil resources. Strict U.S. sanctions, which cut Caracas off from global financial and energy markets, along with sharply weaker oil prices and plummeting oil production, forced Maduro to secure alternate sources of income as Venezuela’s finances crumbled.

or an average of around 40 per year. During the second half of 2022, from July to December, the environmental think tank recorded 35 oil spills on Venezuelan territory. Those numbers further underscore that the volume of spills as well as other environmentally damaging incidents caused by oil industry operations, are spiraling out of control.

Oil was first discovered near Lake Maracaibo in 1914, with commercial production commencing in 1922. That early oil rush saw poorly planned and maintained petroleum facilities installed around and on the lake for roughly a century or even more. Ramshackle and heavily corroded pipelines, oil derricks, subsurface storage facilities and other oil infrastructure crisscrosses the lake as well as its shores.

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