It was the 1970s, and Venezuela was awash in oil money. A lavish metro system was being built in Caracas, Skyscrapers were rising across the country as foreign companies took part in the growth. Venezuela was a poor country until the discovery of oil in 1922. The government nationalized foreign-owned assets and began a sparring match with the United States, only to run out of cash when oil prices crashed. Millions fled as the country buckled under American sanctions. Venezuela’s economy collapsed. It no longer manufactured many of the most basic items, and it could not afford to import them from abroad. Years of price controls meant it was difficult to earn profits since the prices rarely covered costs. Persistent inflation, growing fiscal deficits, and shortages of foreign currency continued. The government required all requests for foreign currency to go through a government agency with exchange at the official rate. The country devalued its currency by 32% on February 13, 2013, to address persistent inflation. The official exchange rate for its currency, the Bolívar, moved from 4.3 per dollar to 6.3 dollar. The U.S invasion on January 3, 2026, captured President Maduro and transferred him to the U.S. to stand trial. The U.S. invaded without a specific plan for the next steps. Despite the stated formation of a transition government and U.S. oil companies were expected to revive the oil industry, it appeared any transition in the economic, legal, and political systems were not immediately forthcoming.