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What's Really Happening with the Oil War in Venezuela - William Spaniel
More than ten days after the United States removed Maduro from power, the conversation about Venezuela's future has returned to oil. Today's video examines the incentives to fight such a resource war. In particular, we will see that the need to invest to create economic growth can create a bargaining problem. We then apply the theory to the current situation. One of two things is true: either the United States is not succeeding in solving the underlying problem, or those in charge of the war planning are not prioritizing oil.
0:00 Two Paths Forward
1:14 Bargaining over Oil
4:40 Hold Up Problems
9:39 Resolving Hold Up Problems
10:26 Reducing Venezuelan Power
11:02 Creating Domestic Commitments
13:12 Is Oil Not Part of the Plan?