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Venezuela's Nascent Oil Industry and the 1932 US Tariff on Crude Oil Imports, 1927–1935

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  • McBeth, Brian S.

Abstract

After a brief description of the initial development of Venezuela's crude oil industry, this paper examines the impact the 1932 US tariff on crude oil imports had on the country. The US tariff on crude oil imports stabilised domestic crude oil prices but prevented consumers from benefting from lower prices in refned petroleum products. The large us international integrated crude oil companies gained from higher crude oil prices for their domestic production while supplying their european markets with mostly cheap crude oil from their newly developed Venezuelan oilfelds. The tariff increased the Venezuelan oil industry's vulnerability to international events because it narrowed the competitive edge it had over domestic us crude oil production. consequently, the Gómez dictatorship in Venezuela at the time became more dependent on the oil companies operating in the country since they could reduce production considerably, or even leave the country as quickly as they entered with a negative impact on government revenues.

Suggested Citation

  • McBeth, Brian S., 2009. "Venezuela's Nascent Oil Industry and the 1932 US Tariff on Crude Oil Imports, 1927–1935," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 27(3), pages 427-462, January.
    • Handle: RePEc:cup:reveco:v:27:y:2009:i:03:p:427-462_00
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    Cited by:

    1. Jorge Jraissati & Keith Jakee, 2022. "Venezuela's collapse: Exogenous shock or institutional design?," Economic Affairs, Wiley Blackwell, vol. 42(2), pages 344-360, June.

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