On October 18, 1945, a few months after the end of World War II, a coup d'état took place against the democratic government of President Isaías Medina Angarita, who promulgated the 1943 Hydrocarbons Law, which would be in force until 2001 when the president Hugo Chávez replaces it with a new legal order.
The Hydrocarbons Law of 1943 laid the foundations for a vision based on the national interest, increasing oil royalties, unifying all hydrocarbon concessions under a single current Law and prioritizing the development of investment in refining in the territory of the Republic.
In 1938, the president of Mexico, Lázaro Cárdenas, had nationalized the oil sector in the sister nation, taking advantage of the fact that the imperialist powers led by the United States were on the verge of World War II and an invasion of Mexico again was complex, and following the Mexican strategy, President Medina in the midst of the conflict, it advances the inalienable rights of the people of Venezuela over the natural resource that moves the planet, in response to which the oil transnationals contacted Rómulo Betancourt together with a dissatisfied and uninformed military sector, making it easy to deduce that the only one who knew where The order was coming to overthrow President Medina, it was him.
Likewise, President Medina, among so many positive measures, creates the income tax, which three years after the coup d'état would provide the basis for President Rómulo Gallegos to modify his regulations to demand on November 12, 1948 that no transnational in oil can obtain a greater benefit to the Venezuelan Nation State, the famous fifty-fifty, giving rise to another oil coup on November 24, 1948 with the open participation of the US Embassy, always with the support of British interests in the country.
Today when, thanks to the courageous position in defense of the national interest by President Nicolás Maduro Moros, the Hydrocarbons Law of 2001 and the nationalization of 2007 remain in force, with the full support of the people, both those organized in arms for national defense Like the militant politician, it is worth remembering that the largest and most important oil reserves on the planet are mainly for the benefit of ordinary Venezuelans and not for a global oligarchy.
