Maduro and his cohorts are stealing most of the money. Chavez's daughter was rumored to have stolen over $1 billion from the people of Venezuela. But that seems inflated but clearly, she is not living poor.
Understand that the ownership of oil in most countries is vested in the government, not the landowners such as it is here. So, the oil companies produce oil under license from the state, and the state also sets the royalty rates, which varies. They do not own the oil but did pay for and own the facilities used to transport and export oil. Venezuela nationalized that and oil production plummeted because Venezuelan expertise didn't know how to run the stuff. They didn't invest in it, they basically spent the money on a bigger military and the rest of the money was stuffed into the pockets of the oligarchs. The streets were not fixed, the water system was not fixed, agriculture was neglected to the point of starvation.
By comparison, the oil of the North Slope of Alaska benefits every citizen in the state. They call it the "Permanent Fund" created after the pipeline to Alaska was built, and again it reduces the state tax and money is spent to benefit the people. In the 1970, Venezuela was attracting investment, had moderate taxes, lowest inequality in S. America and all because of an influx of wealth created by oil. They were members of OPEC, benefited greatly from the sudden rise in oil prices, and had the highest economic growth rate in S and Latin America.
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