Terry Carl

Venezuela rulers now are much more savvy about what petrodollars do.

And they go, you know, the United States is entering the war and they really need our oil.

This is the beginning of really strong oil nationalism in Venezuela.

This is our oil.

Okay?

They're taking it out and using it for war, for the developing United States, et cetera.

But this is our oil.

So they negotiate what is called the 50-50 agreement.

The 50-50 agreement means we're no longer going to do these little contracts with you and give you some rights and have you take it all.

We want 50% of everything you take.

And 50% of everything you take.

That's a lot.

That's a lot.

oil funds are just pouring into the country.

There's so much money around that you can't even believe it.

Everybody's wearing gold.

Everybody has three cars.

You know, I went to the inauguration of a book by one of the famous economists of Venezuela, and to baptize the book, they poured an entire bottle of scotch over it.

What?

And scotch was like, back then, back then this was a lot of money.