Published: 31st of January, 2026 by Patrick Carpen.
Last updated: February 1, 2026 at 1:45 amStarting as early as the 1950s, Venezuela’s economy roared at full steam as petrodollars flooded the Latin American nation. Venezuela was the richest country in South America and the Caribbean and the 4th richest in the world. Venezuela and Venezuelans were the envy of the Caribbean enjoying global respect and admiration. During its peak in the 1970s and 1980s, thousands of Guyanese fled the economic crisis in Guyana for Venezuela.
But in 2000, Hugo Chavez seized power through a military coup. A full-out racist, he expelled US oil companies and nationalized the oil industry. Further, he weakened the currency by excessive handouts. The US responded by applying sanctions to Venezuela. Gross mismanagement of Venezuela’s resources continued under the Maduro Regime after the death of Chavez, forcing millions of Venezuelans to flee economic hardship between 2014 and 2025.
In early 2026, President Trump, via a swift military operation, captured Maduro and restored democracy to Venezuela. As the US lift sanctions and pump billions of dollars into the Venezuelan economy, we must ask ourselves: how long will it take for Venezuela to return to its former glory?
Venezuela’s natural resource endowment is far larger and more varied than Guyana’s and ranks among the most significant in the world. It holds the largest proven oil reserves globally, more than 15 times greater than Guyana’s current proven reserves, giving Venezuela unmatched long-term energy depth.
In natural gas, Venezuela’s reserves are estimated at roughly 12 times larger than Guyana’s, placing it firmly among the world’s major gas holders. Venezuela also has about 10 times more proven gold reserves than Guyana, along with massive deposits of iron ore, coal, nickel, phosphates, and bitumen (extra-heavy oil)—resources that Guyana either lacks entirely or has only in limited quantities.
While Guyana’s oil discoveries and rainforest resources are impressive and growing in importance, Venezuela’s combination of scale, diversity, and global relevance towers over it. This same advantage appears in tourism: Venezuela’s Caribbean coastline, Angel Falls, tepui mountains, islands, deserts, and glaciers give it a broader and more iconic tourism portfolio than Guyana’s largely rainforest-based offering.
Now with US sanctions lifted and the United States investing heavily in Venezuela, the South American Jewel is bound to return to its former glory sooner rather than later.
