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Dictator Juan Vicente Gomez arrives to power, and during his tenure he found a natural resource much more valuable than gold, oil. He made a fatal mistake, basing the Venezuelan economy entirely on oil, neglecting other sectors such as agriculture.
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After this, all the leaders of Venezuela would be chosen through elections. Thanks to oil, Venezuela's infrastructure began to improve, but nevertheless there was enormous social inequality for a large part of the population.
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The oil crisis rises the petroleum prices, directly improving Venezuela's economy
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this has a major effect in decreasing remittances, banking and tourism.
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