In the 1930s, what percentage of Venezuela's export value came from oil?

In the 1930s, what percentage of Venezuela's export value came from oil?

• A. 85%
• B. 90%
• C. 70%
• D. 60%

Answer: (B)

Oil dominance in Venezuela’s export earnings during the 1930s is the key idea. By that decade, crude oil accounted for about nine-tenths of export value, making petroleum the overwhelming driver of foreign exchange and government revenue. This rapid shift happened as oil production exploded in the 1920s and early 1930s, supported by strong international demand and the infrastructure to export crude. The remaining exports—mostly agricultural and other commodities—made up only a small share in comparison, so figures like 60%, 70%, or even 85% would understate how dominant oil had become.

Oil dominance in Venezuela’s export earnings during the 1930s is the key idea. By that decade, crude oil accounted for about nine-tenths of export value, making petroleum the overwhelming driver of foreign exchange and government revenue. This rapid shift happened as oil production exploded in the 1920s and early 1930s, supported by strong international demand and the infrastructure to export crude. The remaining exports—mostly agricultural and other commodities—made up only a small share in comparison, so figures like 60%, 70%, or even 85% would understate how dominant oil had become.