As Minister of Development during the first democratic government of Venezuela, the short-lived administration of Rómulo Gallegos (1947–1948), was responsible for increasing oil revenues for the country by raising taxes through what later became known worldwide as the 50/50 formula.
Selaku Menteri Pembangunan pada pemerintahan demokratis pertama Venezuela yang dipimpin Rómulo Gallegos (1947–1948), ia berhasil meningkatkan pendapatan minyak nasional dengan menaikkan pajak melalui sesuatu yang kelak dikenal di seluruh dunia sebagai formula 50/50.