Currently, the US has a lot of different ways of getting oil: we are drilling ourselves (mostly by fracking) or we trade from various trade partners throughout the world. I want to highlight one of the main problems we have from getting imported oil from foreign countries. Recently, Trump decided to cease trading for oil from the Middle East due to some political differences and he also did not agree with their oligopolisitic style of trading oil with OPEC.
In my intended research paper I was trying to cover where we can find a better substitute for a new major trade partner to get oil from. I looked on the world map and looked at the world’s known oil reserves and saw that there were some countries that were in the developing economies that have not developed a large infrastructure for acquiring oil from unharvested oil deposits. I looked at those developing countries that have rich oil deposits and realized that most of them are corrupt and the countries with loose trade laws have allowed US oil companies to bring in foreign direct investments. However, a particular country with rich oil deposits that caught my eye was Venezuela.
Venezuela has a lot of oil deposits and has a authoritarian government with many social issues that needs to be figured out. The have restricted exporting and importing in general due to political differences and cannot produce a enough agricultural goods. There is also a large wealth inequality so a lot of the lower class does not have proper nutrition. I would recommend that America have some diplomatic relations with Venezuela to open up foreign direct investments and try to convert them to a more democratic government type by marketing the benefits of having a larger selectorate leads to a lower level of wealth inequality and corruption. Which in turn leads to better commodities trading within the country in general and the general population can be well fed that are in rural areas.