His hostility to foreign players in the industry (he expropriated several American oil companies’ holdings in 2007) limited investment and held back production. Chávez turned PDVSA into a personal fiefdom and used it as a cash cow; many of his social programs were funded directly from the company’s budget.
在2003年重掌政局的过程中，查韦斯炒掉了PDVSA 40%的员工。他对石油行业外资的敌意（2007年，他没收了数家美国石油公司的控股权）抑制了投资，拖累了产量。查韦斯将PDVSA变为私人禁脔和现金奶牛；他的众多社会事业直接从公司预算中获得资金。