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Kenny Malone

๐Ÿ‘ค Speaker
147 total appearances

Appearances Over Time

Podcast Appearances

Planet Money
Chevron, Venezuela and the Paradox of Plenty

And two of them, Exxon and Conoco, they were like, deuces, adios, no mas.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

As Chavez's power grew and then Nicolas Maduro took over in 2013,

Planet Money
Chevron, Venezuela and the Paradox of Plenty

The U.S.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

's relationship with Venezuela soured.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

The U.S.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

sanctioned Venezuelan oil.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

The Venezuelan economy tanked.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

It was plagued by hyperinflation.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

And still, Chevron has managed to negotiate these delicate deals with both Venezuela and the U.S.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

government to stay in Venezuela and keep exporting its oil.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

Chevron has continued its work in Venezuela.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

It employs around 3,000 Venezuelans and produces about a quarter of all of Venezuela's oil, around several hundred thousand barrels of oil a day, all of which comes to the United States.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

Yeah, perhaps not the celebratory reaction Trump was looking for.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

And, you know, from Exxon and Conoco's perspective, they say they are still owed billions of dollars that Venezuela took from them two decades ago.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

Also worth mentioning, about 8 million Venezuelans have left the country since 2014.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

Some of those were people that had knowledge of the oil industry.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

You might miss them if you're trying to get that industry up and running again.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

In fact, this is why Terry told us she does not like the term resource curse with regards to oil.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

Human beings in political offices, in C-suites.

Planet Money
Chevron, Venezuela and the Paradox of Plenty

The blessing or the curse is in their hands.