Kejal Vyas and Patricia Garip of The Wall Street Journal report on Venezuela’s oil industry and its environmental record.
- While Nicolás Maduro may blame climate change on capitalism, it is authoritarian regimes like those in Venezuela that are responsible for environmental degradation.
- In Venezuela the state owns the oil company and means of production, which has led to neglect, mismanagement, and a loss of talented employees who have left the country for other economic opportunities.
- Because socialism does not incentivize innovation oil spills and leaks have become common in the country.
- Economic freedom and open markets, not socialism and more government control, drive innovation and climate progress.
Read the full article here.