Venezuela’s new gasoline system fails to end epic lines GlobeBusiness
MANAURE QUINTERO/Reuters
That change effectively ended decades of heavy subsidies in Venezuela, an OPEC country with the world’s largest crude reserves and where cheap fuel has long been considered a birthright of sorts. The new plan caused chaos and confusion at service stations across the country when it began on June 1.
Fuel shortages have plagued Venezuela for years as its economy deteriorated due to a plunge in the price of crude, its main export, as well as socialist policies that many economists criticize as misguided. A wave of protests aimed at ousting Mr. Maduro early last year has largely fizzled out, particularly in recent months due to a coronavirus-related quarantine.
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