09:54 Regime change. change, foreign wars. The thing that is so interesting that is a sub-narrative is this shows you how socialism works, or better yet, doesn't work. Bingo. I mean, do you know anything about the kind of the history of the past since the 1990s of Venezuela? Yeah, Cesar Chavez, Chavez, and before, and that started the tumble. Yes. So oil was found in Venezuela in like 1925 or something.
10:31 And then after the war, they started to develop that after the Second World War. But really in 1990 is when the American, the three big American oil companies, Chevron, ExxonMobil, and ConocoPhillips, they took a risk and said, we're going to go in and we're going to start developing this and ship it off. We built refineries, mainly in Texas and Louisiana, because oil is not oil, it is not oil. The crude oil in Venezuela is like tar. I mean, you can't even put it through a pipeline. Really? No, it's so thick. It's literally like the tar that you put on the road. Wow. It's that is that thick, which is really good because you need that for jet fuel and diesel oil and shipping fuel too.
11:14 So it's a very important resource. But it's not like our shale here in Texas, we can take it out of the ground, like shake it around, throw it in your gas tank. I mean, that's the champagne of oil. And so Hugo, not see it, Hugo Chavez. Hugo Chavez, he decided that he was going to change the whole idea of Venezuela into socialism. And this is when the oil prices started to skyrocket. So he was doing great. You know, you're looking at $100 a barrel. Like, yeah, here's free food, here's free education, here's free health care.
11:56 Never diversified that. And they used to do cocoa and other types of farming commodities. And so if 98% of your economy is based on oil and the price drops by half, oops, we have a problem, Houston. And so instead of diversifying, he said, you know what? We're just going to nationalize these companies. And instead of giving the traditional 60-40 split, they owned all the oil. America never owned the resources, but we had a deal with all these companies, 60% for us, 40% for you. He said, nah, you know what? We're going to do 25% for you, 75% for us, 30% royalty, and 50% tax.
12:40 So basically, our companies were losing money. And at that point, it's like, well, what are we going to do? We can't really do anything. He fired all of the people who were working at PVDSA, which is their petroleum company. They even went on strike. They said, you can't do this. It's not going to work. Corruption came in. So everything just started to fall apart. The thing that he never got to see the full destruction of the country because he died in 2013. And his handpicked guy, former bus driver, literally, I don't know if people know that Maduro was a bus driver before he was
13:18 brought into the government. Perfect. It's not to say that a bus driver can't be the president of a country, but it just sets you up for some expectations. And he went, yeah, you know what? We're going to take all of this. We don't need these Americanos. We're going to kick them out completely. And so, of course, the result is that their production went down to 20% of what it used to be. Everything got old. But what did he do? Well, I'm going to diversify. I know. I'll diversify into drugs and human smuggling and all this stuff. But 8 million Venezuelans left, and it's been a real problem. Every single president has said this. Is it true that upwards of a third of that country has fled? Yeah, left.