Is Oil Responsible for Venezuela’s Crisis?

Posted by Isaac on

For a little over a century, Venezuela has been exporting its oil. Since 1914, this oil has been a large component of the government’s economy. Although it is still the country with the most untouched oil in the world, Venezuela is in a terrible economic situation at this present time. In a recent article, oil is blamed for the state of the country. Part of the crisis is due to the low prices on oil barrels exported from Venezuela. Because they are earning less for the oil, which is the chief export, the government does not have enough money to buy necessary materials to import for their people. This has caused scarcities for food, toiletries, energy and even work, reveals insider David Osio.

Poor care of oil fields, which are some of the world’s oldest, has also caused other damage to Venezuela’s ecosystem. The production areas were not maintained properly, and many are all but abandoned at this time. The waters are plagued with oil, which leaked from ruptured pipes used for oil extraction, and this has affected the fishing. According to El Venezolano, local fishermen catch more oil than fish in their nets in Venezuelan waters, which has caused much hardship as they can not provide for their families either.