Ted Cruz: “When the government nationalized oil production, it turns…”

“We've seen that in Venezuela, we've seen that in Cuba, we've seen that in North Korea, we've seen that in the Soviet Union. Communism doesn't work and it's disastrously bad. And When the government nationalized oil production, it turns out that an authoritarian government is really bad at producing oil. It's incredibly corrupt. It didn't invest in technology. The technology all crumbled and it's in. Even though it's got massive reserves, its production is a fraction of what it used to be.” (27:55–28:03)

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