Venezuela has used profits from its oil industry to?

Answer 1

Venezuela has used profits from its oil industry to fund extensive social programs aimed at reducing poverty and improving education and healthcare. These initiatives, particularly under the leadership of Hugo Chávez, sought to redistribute wealth and provide basic services to marginalized communities. However, mismanagement, corruption, and a reliance on oil revenues have also led to economic instability and a severe crisis, undermining these efforts in recent years. Consequently, the country's heavy dependence on oil profits has made it vulnerable to fluctuations in global oil prices.