Venezuela's Oil Crisis
DECEMBER 3, 2017
Venezuela, owner of the world’s largest known oil reserves, has consistently ranked among the top exporters of oil. Because of this natural abundance, Venezuela's economy, and thus its government and social services, are largely driven by oil exports. Previously, Venezuela’s reliance on oil didn’t ring any alarm bells for economists because the profits from oil prices were sky-high. Now, Venezuela is burdened with high inflation.