Venezuela: On borrowed time

In fact, time may be running out for the revolution. The price of Venezuelan oil, source of 96% of Venezuela’s foreign-exchange earnings, has dropped from $99 to $69 a barrel since June. The economy is in a deep recession and inflation is headed for triple-digit rates. Basic goods like flour and cooking oil are in short supply and queues to obtain them are common. More than two-thirds of voters think Mr Maduro should not serve out his six-year term, which began just last year (see chart); more than a quarter of those are supporters of the government. Parliamentary elections, to be held by December next year, cannot unseat Mr Maduro. But they offer a chance to break the monopoly of power exercised by his Bolivarian socialists since his predecessor, Hugo Chávez, became president in 1999. He died in 2013. More…