![]() ![]() They bought refineries in the USA and Europe and became the world’s third-largest oil company.īut then the tide turned – not for the first time in Venezuela’s history. The state-owned oil company Petróleos de Venezuela, Petroven for short, even expanded abroad. The boom continued until the early 1980s. ![]() Between 19, the revenues made from the export of crude oil totaled astounding 240 billion dollars, the equivalent of 696 billion dollars today. In the following years, Venezuela became one of the wealthiest countries in South America. He nationalized the entire oil sector and its huge revenues – and this is the occasion on which the coin offered by Künker was issued. In this context, the moderate socialist Carlos Andrés Pérez came to power in 1974. President Carlos Andrés Pérez nationalized Venezuela’s oil industry on 1 January 1976. Their revenues increased further and further. ![]() It was a good time for oil-rich Venezuela and the foreign companies that were involved in the country’s oil production. The oil price shot up to unprecedented levels. The situation was due to a cutback in production in the Arab world as a reaction to the Yom Kippur War. In Germany, everybody remembers the car-free Sundays of 1973, when people could go for a walk on the Autobahn. We recall this period as the time of the oil crisis. Obviously, Venezuela would have liked to have a bigger share of the pie for itself. Many people made a lot of money thanks to the oil, especially the foreign companies that extracted and refined it. Only 10 years later, Venezuela had become the world’s second-largest oil exporter. In 1917, oil was found in the South American country for the first time ever. Venezuela and Its Oil: A Boon and a Baneįor more than 100 years, the rich oil deposits under the Maracaibo Basin have played a key role for the fate of Venezuela. What is the relationship between the national hero and the nationalization of the oil industry? The coin throws us right into the complex history of Venezuela. The other side features a portrait of Simón Bolívar, the great freedom fighter of South America who is still admired in Venezuela and other parts of the continent today. The 500-bolívares gold coin was minted in 1975 on the occasion of the nationalization of the country’s oil industry, the mintage figure amounted to as few as 100 specimens. List of public art in Washington, D.C.In auction 371 Künker offers a great rarity of Venezuelan coinage as lot No. ![]() This sculpture was surveyed in June 1993 for its condition and it was stated that the sculpture was "well maintained." See also The head, neck and rider were disconnected to make it under the overpasses along the highways. The sculpture was cast in New York and parts were broken down in order to be transported via highway to Washington. The sculpture was donated by the Venezuelan government, which also paid for its installation. The statue was authorized by the United States Congress on July 5, 1949, and permission for the piece to be installed on public property was granted on June 29, 1955. LIBERATED VENEZUELA COLOMBIA ECUADOR PERU BOLIVIA AND PANAMA Information The west side of the base is inscribed with: THE REPUBLIC OF VENEZUELA BY THE UNITED STATES OF AMERICA The east side of the base is inscribed with: The sculpture sits on a base made of granite or marble (142 in. He wears a military uniform with great detail, including the gold medal that was once George Washington's. In that hand he wields his sword, holding it upwards. The statue shows Bolívar riding his horse with his proper right arm raised over his head. It was surveyed as part of the Smithsonian Institution's Save Outdoor Sculpture! survey in 1993. 820 cm × 240 cm × 530 cm (324 in × 96 in × 208 in)ģ8★3′35.2″N 77☂′31.2″W / 38.893111°N 77.042000°W / 38.893111 -77.042000Īn equestrian statue of Venezuelan military and political leader Simón Bolívar by the American artist Felix de Weldon is located in Washington, D.C., at Virginia Avenue NW, 18th Street NW, and C Street NW, near the United States Department of Interior and the Pan American Union Building of the Organization of American States. ![]()
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