When institutional collapse meets resource extraction: Venezuela's oil industry presents a cautionary tale. Decades of mismanagement, systemic corruption, and political interference have left the sector functionally broken—not just underperforming, but structurally compromised. Gutted infrastructure, weaponized governance, and the absence of rule of law create an environment where capital allocation becomes pure speculation. Expressed interest means nothing without legal certainty. Billions require confidence. When neither exists, even massive reserves fail to attract serious investment. The lesson extends beyond petroleum—it's about how political capture destroys long-term value creation.