Outstanding documentation of how legal infrastucture became the primary mechanism of extraction. The 1922 Petroleum Law framework is fascinating because it basicaly transformed the state into a rent collector while operational control stayed with concessionaires. I've looked at similar legal architecture in other resource sectors and the pattern is consistent: formal sovereignty coexists with functional dependence when the regulatory design is written by industry itself.
I only knew a few parts of this. Impressive recounting of events. Looking forward to part 2!
Outstanding documentation of how legal infrastucture became the primary mechanism of extraction. The 1922 Petroleum Law framework is fascinating because it basicaly transformed the state into a rent collector while operational control stayed with concessionaires. I've looked at similar legal architecture in other resource sectors and the pattern is consistent: formal sovereignty coexists with functional dependence when the regulatory design is written by industry itself.
Wow! Thank you for this informative piece of work. I can't wait for the next extract of the US in Venezuela.