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    "localId": "294550486",
    "label": "Memorandum from Walter Donnelly, Petroleum Industry in Venezuela, with Attachment",
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    "contentType": "document",
    "title": "Memorandum from Walter Donnelly, Petroleum Industry in Venezuela, with Attachment",
    "citationUrl": "https://catalog.archives.gov/id/294550486",
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        "President's Secretary's Files (Truman Administration)",
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    "productionDates": [
        {
            "day": 10,
            "logicalDate": "1950-02-10",
            "month": 2,
            "year": 1950
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    "ocrText": "-2-\nthan 50 per cent of the net profits of the companies.\nOver 60 per cent of the Government's revenue and 90\nper cent of the foreign exchange are derived from the\npetroleum industry.\nLabor\nThe average take home pay of laborers in the petroleum\nindustry is approximately $12.00 daily. Living conditions\nin the oil fields are of a very high order. The companies\nprovide free medical and hospital treatment, schools, tech-\nnical training courses, churches, commissaries (the prices\nof 31 basic commodities are frozen as of the 1941 price level),\nvacations, retirement, year-end participation in profits\nequal to two months' salary, and a number of other benefits.\nThe high wages and other benefits have set the pattern\nfor other industries and for the Government.\nTrade Between the United States and Venezuela\nThe balance is in favor of the United States\nAlthough Venezuela exports large quantities of petroleum\nto the United States it has an unfavorable trade balance with\nthe United States.\n1949\nExports from the United States to Venezuela\n(preliminary) - $525,027,000\nImports into the United States from\nVenezuela (including petroleum\nshipped from Curacao and Aruba)\n- $384,000,000\nBalance in favor of the United\nStates\n-$141,027,000\n1948\nExports from the United States to\nVenezuela\n-$516,400,000\nImports into the United States from\nVenezuela (including petroleum\nshipped from Curacao and Aruba)\n-$390,000,000\nBalance in favor of the United\nStates\n-$126,400,000\nVenezuela"
}