Venezuela is becoming a wierd country.
When your country is totally fucked, you'll try any desperate measure.
Credibility is the major problem here.
Dumbshits, the US passed massive sanctions against Venezuela and they are not allowed to repatriate their own oil revenue from their own wells! They ship oil to the US under their state Citgo brand and the US doesn't allow them to have the money! It goes in an 'account' to be held until later. And by 'account' we mean the US dumps it in the general fund to be spent on war, but supposedly keeps an IOU tally.
Then the US says "Venezuela is a failed state!"
It's complete bullshit. Their problems are 1000% caused by the Americans.
Of course it did. If you have a Marxist government the US will use its power to roll out global trade sanctions so that your government will fail, proving Marxism is bad.
Especially nasty Marxist stuff like universal health care, rights for laborers, subsidized utility costs for the poor, etc. Got to stop all that.
Nationalising the oil industry probably had something to do with it.
Nationalizing the oil industry just meant that the profits stayed in the country where they could pay for schools and hospitals rather than being siphoned off to American and Swiss bank accounts.
The US doesn't give a shit about poverty in Venezuela but they care deeply about where the PDVSA profits go. That's why nationalization is bad, m'kay.