Why Is Venezuela In Crisis?

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Recent lower gas prices has been benefitting consumers, but why are Venezuelans suffering from the drop in oil price?

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Oil cash waning, Venezuelan shelves lie bare
“Venezuelans have put up with shortages and long lines for years. But as the price of oil, the country’s main export, has plunged, the situation has grown so dire that the government has sent troops to patrol huge lines snaking for blocks.”

Opinion: Venezuela squandered oil riches, now faces default
“A gallon of gasoline today costs a driver around 18 cents per gallon, but costs the Venezuelan government $15 billion a year to maintain.”

Venezuelan leader Maduro seeks economic help on tour
“Venezuelan President Nicolas Maduro is beginning an international tour to try to stem the impact of falling oil prices and a deepening recession.”

Tensions rise over Venezuela’s shortages, as president seeks foreign investments
“Venezuelan President Nicolas Maduro is returning to Caracas after a 10-day international trip, having secured billions of dollars in foreign investments to help his cash-strapped country but no success in halting the fall in global oil prices.”

Watch More:

Why Low Gas Prices Are Bad For The World

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