And all other petroleum products. Venezuela, Once an Oil Giant, Reaches the End of an Era – The New York Times
It is a textbook case of socialism leading to decay. Well, and the sanctions over human-rights abuses and election fraud haven’t helped.
For the first time in a century, there are no rigs searching for oil in Venezuela.
Wells that once tapped the world’s largest crude reserves are abandoned or left to flare toxic gases that cast an orange glow over depressed oil towns.
Refineries that once processed oil for export are rusting hulks, leaking crude that blackens shorelines and coats the water in an oily sheen.
Because the bad capitalists, and all the technicians they hired to keep stuff repaired, fled that socialist hellhole years ago.
And of course, decaying infrastructure leads to ecological problems.
No oil means no money, and not just to maintain the infrastructure.
The country now has the highest poverty rate in Latin America, overtaking Haiti this year, according to a recent study by Venezuela’s three leading universities.
Hat tip to Babalú Blog, who notes.
Venezuela is not just out of oil. It has also destroyed a once prosperous and well educated middle class. Many from that middle class now live in the U.S. and support President Trump because they understand socialism in a way that few U.S. college students do.