Venezuela in Crisis: 5 Reasons Why This Oil-Rich Nation Is on the Brink of Collapse

During the boom years of the 2000s, Venezuela reaped a windfall from its oil production. There was enough wealth — heavily controlled by the government — to pay for social programs and education, and cut poverty rates by more than half. Even the United States — whose relationship with the Latin-American nation was icy at best under the late socialist leader Hugo Chávez — could be counted on as Venezuela's biggest customer. No longer. Venezuela is a country in crisis. More…