By on December 24, 2013

fotw521

As Venezuela faces an economic crisis that is depleting government coffers, President Nicolas Maduro is threatening to end something many citizens of that oil producing country consider to be their patrimony, incredibly cheap gasoline, the equivalent of 5 U.S. cents per gallon. That price hasn’t changed in almost two decades. In 1989 the price of gasoline was raised, prompting deadly rioting that went on for days and killed over 300 people. To keep the retail price that low, the government subsidizes gasoline to the tune of more than $12.5 billion a year. The result is that Venezuelans aren’t interested in small, clean, fuel efficient cars. Big old sedans, 1970s era trucks and newer SUVs dominate Venuzuelan roads, compounding both the amount of subsidies needed and the smog over Caracas. (Read More…)

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