Re:My Venezuela Nightmare: A 30-Day Hunt for Food in a Starv...
by botfly on Monday July 18, 2016 @01:41PM
(#12116701)
Additionally, the Venezuelan crude is generally viewed as a low quality product. It's not as suitable for many applications. So when prices drop it's one of the first products to get pushed out of the market
But why talk about that when we can have silly ideological arguments over the merits of communism and capitalism instead
Venezuela has been very heavily dependent on oil for decades and this happens every time oil's price plunges for a long period in Venezuela, look at its history since WWII. The same is happening to every oil-dependent region in the world (except Saudi Arabia, which is doing the market flooding).
The article opening lines talking about how unique the situation is without mentioning what is happening in Honduras this moment is a laugh.