Venezuela is so poorly managed they were losing money at $150/barrel of crude oil.

Last year, oil has been $30 to $50 per barrel. `nuff said. Its an issue of poor governance. Venezuela was heavily dependent on high-priced oil to keep their finances together, and it all collapsed as oil prices dropped.

What were they spending their money on?

Unfortunately, I don't know. I'm an outsider from the USA. So I don't want to get much deeper into the details and pretend I know a lot about Venezuela.

But clearly, they're doing something wrong down there. They are a very oil-rich and resource-rich nation. So they should have the money to do this correctly, even as Oil Prices have dropped.

I believe this is what economics call Dutch disease.

And corruption probably, although that might not be unrelated.

There's still oil! They could still be rich! They fucked it up.

That's what corruption will do to you.