Magazine content is available exclusively for TIME subscribers.OIL: Venezuela's Own
Jet fighters streaked in formation across the sky; a band struck up the national anthem; and Venezuela's President Carlos Andrés Pérez hoisted a red, yellow and blue tricolor over Venezuela's first commercial oil well on New Year's Day. Then cannon boomed their salute to the flag, whose position atop the well symbolized one of the most gentlemanly nationalizations in history.
The ceremony marked the takeover by a new state-owned holding company, Petroleós de Venezuela (Petrovén) of the nation's oil industry, which in 1974 accounted for 50% of Venezuela's gross national product, 86% of its revenues and 97% of its exports....
Email, Password or Region is incorrect
A required form parameter was missing.
The System is currently down. Please try again in a few minutes.
Email Address is invalid
Password is blank
Most Popular »
- How Cash Keeps Poor People Poor
- E.T. Turns 30: 10 Things You Didn't Know About Our Favorite Extraterrestrial
- 15-Year-Old Creates Test for Pancreatic Cancer
- Nevada Ghosts: Rare Photos From an A-Bomb Test
- Euro Crisis: Why A Greek Exit Could Be Much Worse Than Expected
- Could a Fertility Gene Discovery Lead to New Male Contraception?
- Fourth Flesh-Eating-Bacteria Case Confirmed in Georgia, Possible Fifth
- 10 Dangerous Products You Might Have in Your Home
- Obama Stumbles? Why the President's Right to Talk About Bain
- Star Wars Turns 35: How TIME Covered the Film Phenomenon
- Researchers Probe the Potential Health Benefits of Palm Oil
- A Visit with Turkey's Controversial Religious Movement
- Feeding the Planet Without Destroying It
- Bubble on the Potomac
- Falcon's Liftoff: How a Private Firm Could Change Space Exploration
- The Fatal Flight of the Superjet 100: Why Did It Slam Into a Mountain?
- Learning That Works
- The Man Who Remade Motherhood
- Bibi's Choice
- Seoul: 10 Things to Do
More News from Our Partners
Top Stories on TIME.com
Quotes of the Day »
