> When 95% comes from a single source and that source loses 1/3rd of it's value in a short amount of time then its straightforward to understand why Venezuela i

> When 95% comes from a single source and that source loses 1/3rd of it's value in a short amount of time then its straightforward to understand why Venezuela is in this situation. There is more than that. In 90's when the Venezuelan crude was as low as $11 per barrel, the business was still profitable. Now with a price $20 per barrel it is dangerously close to the price of production (when you include refinement which is not an option for Venezuelan oil), so it is not just because the market bump, but also for being inefficient in the business. >I don't see a reason to bring your political leanings into a discussion of straightforward economic cause and effects. Because it is relevant, it is not only because economic causes but also because the government policies made this situation particularly terrible. Should Venezuela had better economical policies this would has been just a mere crisis and not a bankrupt scenario.