Why Oil Rich Venezuela Faces Gasoline Shortages

In this video, we explore the paradox of Venezuela, a nation rich in oil yet facing severe gasoline shortages. We delve into its historical context, highlighting how Venezuela once boasted Latin America's richest economy due to its vast crude reserves. We examine the decline in refinery capacity caused by years of underinvestment and neglect, and the challenges of importing gasoline amid U.S. sanctions. Discover how interruptions in fuel swaps with Citgo, pressure on international partners like Repsol and Eni, and the withdrawal of Rosneft have compounded the crisis, leaving Venezuelans struggling with daily fuel shortages.

video outline:

00:00 - intro
02:55 - oil discovery in Venezuela
06:05 - Challenges in Importing Gasoline

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