History doesn’t repeat, but it sure rhymes when it comes to Big Oil and Venezuela.
It baffles me that people cannot see thru the ongoing charades of Governments Worldwide as been there done that already. DYK: the PUCK magazine artists were putting out thousands of magazines that all highlight the same shenanigans and charades now as then?
Puck magazine (1876–1918) was highly popular during its peak in the late 19th century, widely regarded as America's first successful humor magazine and a pioneer in colorful political satire. It stood out for its innovative use of chromolithography, delivering full-color cartoons on covers, centerfolds, and backs—at a time when most publications were black-and-white—while selling for just 10 cents per issue, making it more accessible than rivals like Harper's Weekly.
Circulation and Peak PopularityCirculation grew rapidly after the English edition launched in 1877 (initially subsidized by the German version). By the early 1880s, it sold over 80,000 copies weekly. Its high point came during the 1884 presidential election, reaching 125,000 copies, placing it among the elite magazines of the era. In the 1890s, it maintained nearly 90,000 subscribers, spawning spin-offs like Puck’s Library and Pickings from Puck.
Here’s a straightforward side-by-side comparison of John D. Rockefeller’s Standard Oil era in Venezuela (early 1900s) versus today’s ExxonMobil (the main successor company after the 1911 breakup) and its ongoing battles over Venezuelan oil. The patterns are strikingly similar—big oil company wants maximum control and profits, uses political muscle, clashes with the government, and when things go south, cries foul and fights back hard.
Aspect | Then: Rockefeller / Standard Oil (1910s–1940s) | Now: ExxonMobil (2000s–today) |
Entry into Venezuela | Standard Oil subsidiaries (like Creole Petroleum) rushed in after huge oil discoveries in the 1920s. Got massive land concessions from friendly dictators. | Exxon had been operating in Venezuela for decades, but in the 2000s had big projects in the Orinoco heavy-oil belt. |
Deal with the government | Paid low royalties/taxes to Venezuelan leaders. In return, leaders gave them sweetheart deals and huge control over fields. Critics called it “selling out” the country. | Chávez/Hugo government offered good terms at first, but in 2007 forced all companies to accept new contracts: state-owned PDVSA gets majority stake (60%+), higher taxes/royalties. |
What the company wanted | Keep as much profit as possible, run operations their way, minimal government interference. | Same: wanted to keep majority control of projects and lower taxes to make heavy-oil extraction profitable. |
When government pushed back | Venezuela slowly raised taxes in the 1930s–40s, then in 1976 nationalized all oil—took the assets, paid compensation (seen as low by companies). | Exxon refused the 2007 terms (most others accepted). Venezuela nationalized Exxon’s fields, offered compensation Exxon called way too low. |
Company’s reaction | Standard Oil heirs (Rockefeller family still influential) quietly accepted nationalization over time; focused profits elsewhere. | Exxon sued hard—went to international courts (World Bank ICSID), won ~$1.6 billion award in 2014 (originally sought $10–15 billion). Still chasing payment today (even tried to seize Venezuelan assets abroad). |
Political muscle used | U.S. government often backed them diplomatically; oil access seen as national interest. | Exxon lobbies U.S. heavily; U.S. sanctions on Venezuela since 2017 help pressure Maduro government, indirectly helping Exxon’s claims. |
Public image / criticism | Puck magazine cartoons roasted Rockefeller as a greedy octopus or serpent controlling politicians. People saw it as monopoly selling out America AND foreign countries. | Modern critics call Exxon a greedy giant fighting poor nations, putting profits over people, and helping destabilize Venezuela via sanctions/court battles. |
Outcome for the company | Lost direct control in 1976 but made billions beforehand; successors (Exxon, Chevron, etc.) became global giants anyway. | Locked out of Venezuela since 2007, but still pursuing billions in compensation; focuses on Guyana (next door) for new massive finds instead. |
Bottom-line similaritiesBoth eras show the same playbook: enter a resource-rich country on favorable terms → make huge profits → resist when the country wants a bigger share → use courts, politics, and international pressure to fight back.
The “amnesia” part: Back then, everyone saw Standard Oil’s grip as scandalous (those Puck cartoons went viral in their day). Today, many people don’t connect modern Exxon drama to that same old Rockefeller-rooted company, even though it’s literally the same corporate family tree.
Venezuela ends up in the middle both times—first giving away too much, then swinging hard the other way and kicking the companies out.
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