Donald Trump’s Venezuela deal is bold but dodgy

Oil made Venezuela rich. For decades it helped fund a stable democracy with the highest living standards in Latin America. The country was pumping 3.4m barrels a day when Hugo Chávez, a left-wing populist, was elected in 1998 on a promise to redirect petrodollars to the poor. Instead, under his corrupt, incompetent regime, the flows of oil and cash largely dried up. Under his chosen successor, Nicolás Maduro, the state went on a money-printing spree, sparked hyperinflation and drove a quarter of Venezuelans to emigrate.FILE PHOTO: Oil platforms and pumpjacks at Lake Maracaibo, as residents around the oil‑rich center of Maracaibo in Zulia state remain uncertain about new investments following recent legislative reforms allowing greater private participation in PDVSA and aimed at revitalizin