In the past decade and a half, the government of Venezuela received over $1 trillion in oil revenues, and yet the country is now suffering from a deep humanitarian crisis with its population struggling to feed itself. As a correspondent for Dow Jones and the Wall Street Journal, Raúl Gallegos witnessed first‐​hand how the mismanagement of oil riches during the rule of Hugo Chávez led to Venezuela’s current misery. Gallegos will explain how mismanaged oil has created perverse incentives in the political system, the business community, and among ordinary Venezuelans. Gustavo Coronel offers his insights on what should be the future of the oil sector in a democratic Venezuela.