Venezuela’s petroleum industry, whose vast revenues once fueled the country’s Socialist-inspired revolution, underwriting everything from housing to education, is spiraling into disarray.
How can it be that the country with the world's largest proved oil reserves can't afford to feed its people? The current crisis can be traced to the historical management of the country's oil industry.
The oil industry achieved “clear, very positive results” in 2015 despite the collapse in petroleum prices, the Bolivian government said Sunday. Benchmark oil prices are used to set the price of exports, which mainly go to Brazil and Argentina.