Oil woes for Venezuela

Falling gas prices around the world, now at a four-year low, could result in the lifting of government subsidies on gasoline inside Venezuela, which has been a big savings for its citizens. The combination of the end of the subsidies and the rise in the price of gasoline inside Venezuela could have a devastating impact on consumer spending in an economy already reeling from Mr. Maduro’s erratic leadership. Venezuelans suffer one of the highest rates of inflation in the world, along with the scarcity of commodities, caused by poor governance and lack of incentives to a business sector cornered by state policies. And Mr. Maduro’s popularity is in sharp decline and, according to the results of various surveys, a majority of the population believes that the country is in dire financial straits. More…