Venezuela has the largest oil reserves of any country in the world. And it is importing crude oil!
Late President-for-life Hugo Chavez annulled the law of supply and demand and put politics into every decision. And his successor Hugo Maduro has continued - they removed the experts from the oil industry to replace them by political friends. They support the price of gasoline so it costs pennies. They propped up - and continue - Fidel Castro’s Communists Cuba with billions in oil and other South American socialist presidents.
Also: The government manipulates its currency trying to hide high inflation.
The results: Shortages of toilet paper. First the government took over a toilet paper factory. CNN Then they had to import… toilet paper! Fox News
And now Venezuela is importing oil! And they rely on high oil prices to prop up their economy. $100 is a bit low for Venezuela. $75 clobbers them.
And a good read of the overall situation at Hot Air.
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