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Ironically, Venezuela has so much oil that gas is almost free. Most people dont even know the cost, they fill a car's tank with about 0.10 us$. Probably, peopl
by aortega 11y ago
Ironically, Venezuela has so much oil that gas is almost free. Most people dont even know the cost, they fill a car's tank with about 0.10 us$.
Probably, people will start using the portable power generators that everybody already have, because this is not the first time the power goes out, and it will become a gas-powered country for a week.
- hellcow 11y agoThe "almost free" gas was from fixing the price of oil, which caused massive shortages within the country.[1][2] The new government overturned Venezuela's policy on this and raised oil prices by 6000%.[3] [1] http://www.laht.com/article.asp?ArticleId=334115&CategoryId=10717 http://www.laht.com/article.asp?ArticleId=334115&CategoryId=... [2] http://www.wsj.com/articles/SB10001424127887324000704578386771059515346 http://www.wsj.com/articles/SB100014241278873240007045783867... [3] http://www.theguardian.com/world/2016/feb/18/venezuela-president-raises-fuel-price-by-1300-and-devalues-bolivar-to-tackle-crisis http://www.theguardian.com/world/2016/feb/18/venezuela-presi...
- mikeash 11y agoThe recent price increase falls far short of overturning this policy. The new price is still ridiculously cheap and far below market prices, something like the equivalent of $0.11/gallon.
- protomyth 11y agoAlso, their oil needs more processing than the stuff coming from Saudi or Texas / ND. This has an effect on the break even price.
- rafaelm 11y agoJust to clarify: there is no new government. The president is Nicolas Maduro,the successor named by Chavez when he realized he was too sick to continue. There was an election to the National Assembly that the opposition won, but they did not have anything to do with the rise in gas prices.