Venezuela's problem is cheap oil. Their entire economy was built around oil at $140/barrel when they thought the price would only get higher. At the $65/barrel price they are getting now their economy is paralyzed.
#16 | POSTED BY HATTER5183 AT 2018-06-18 09:09 AM | FLAG: So wrong. It is the fact that they are actually dropping in extraction of the oil from the ground [means less to sell]. The govt nationalized the oil fields years ago and now their inefficiencies plus workers leaving because they can no longer afford to work there due to the massive inflation is what is further killing their production.
Venezuela's Oil Production Is Collapsing: www.wsj.com at Venezuela's state-run oil company is pushing the country deeper into a crisis: www.businessinsider.com
Who would have guessed that a government would do a lousy job of running a big business?
ps: It does pay to keep up on business news even if you do hate big business.