Citgo

Citgo appears in Venezuela’s recent economic history (Update) as the Venezuelan state-owned oil company used by Hugo Chavez for a symbolic U.S. outreach program. The source says Chavez offered discounted heating oil to poor people in the United States through Citgo.

In the wiki, Citgo makes Oil Revenue Dependence visible as political power. Oil revenue did not only fund imports and domestic programs inside Venezuela; it also gave Chavez a way to pursue influence abroad while the country remained exposed to a later oil-price collapse.

Connections

• Venezuela - state owner and oil-economy context.
• Hugo Chavez - leader using the company in the source.
• United States - country where the discounted heating-oil program is described.
• Oil Revenue Dependence - concept the Citgo example illustrates.