Staying the Course: United States Oil Companies in Venezuela, 1945-1958

For proponents of the exceptionalism thesis, the so-called October Revolution of 1945, led by Romulo Betancourt and the Accion Democratica (AD) party, and the ouster of General Marcos Perez Jimenez in 1958 are traditionally presented as important watersheds, producing changes that US oil interests purportedly opposed. While earlier critics focused on AD and its leadership, this work draws special attention to the adaptive role of the oil companies during this period. It underscores how the three big oil companies that operated in Venezuela, Creole, Shell and Mene Grande, compelled political leaders to moderate their views in order to consolidate political power and achieve US recognition. In particular it demonstrates how Creole adapted to political changes in Venezuela and sought to influence the course of these reforms before they threatened the company's fundamental economic interests.