Venezuela May Meet New Reality, and New Price, at the Pump

Venezuela has the world’s cheapest gasoline, about 6 cents a gallon, a price so low that drivers often fill their tanks for less than a dollar and tip the gas station attendant more than the cost of the fuel pumped into their cars. With their country holding the world’s largest estimated oil reserves, many Venezuelans consider cheap gas almost an inalienable right of citizenship — a coveted remnant of the boom days when Venezuela saw itself riding its oil riches to a first world dream of wealth and status. More...