Venezuela Energy Crisis Spotlight In Top Business News Today

Top Business News Today Focuses on Venezuela

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Despite rich oil reserves in Venezuela, the shortage created an energy crisis that is reported in top business news today.

During the pandemic, when people are stuck in homes and roads are without traffic, the world is facing many challenges, but for the people of Venezuela, this is the worst time due to the shortage of gasoline in the country. 

“The coronavirus lock-down in Venezuela has become miserable due to no gas”, told Munoz, a resident of Carabobo state.

The shortage of gasoline has added fuel to the fire, making it impossible for people to fulfill their basic needs.

People Are Hopeless Due To Energy Crisis

Venezuelans have suffered almost from all types of shortages during their times, but this energy crisis has crippled the lives of Venezuelans. A large portion of local cheap oil is exported to markets in Colombia and Brazil. Due to the shortage of current gas crisis, farmers are unable to take their vegetables to market; doctors can’t get to hospitals, now the people are waiting in lines for gas.

Nicolas Maduro, the authoritarian President is facing a dangerous situation in his worst tenure due to prevailing energy crises, reported by top business news today. The continuous falling of oil prices in the pandemic has worsened the situation and Venezuela’s oil production has dropped to the lowest level.

How The Energy Crisis Brewed Up In Venezuela?

Venezuela has huge oil reserves, but political instability, lack of skilled workers, brain drain, and unavailability of spare parts have stopped oil production in the refineries. PDVSA, a U.S. Subsidiary mainly responsible for processing oil and shipping gas from the U.S. has stopped supplying due to sanctions.

Venezuela is unable to sell its local extracted crude oil in the global market due to tough U.S Sanctions and further shrinking of global demand has forced the government to stop its oil production. The coronavirus, crippling the health care system of Venezuela, which is not prepared to cope with the challenges of the virus, and Maduro’s adversaries are all teaming up to give a tough time to Venezuelans.

“Gas shortages have become the biggest nightmare of Maduro’s tenure”, said Geoff Ramsey.

Such shortages are not new for Venezuelans, but it has devastated the whole society.

Maduro is seeking Russia’s help in overcoming the energy crisis and making secretive efforts to overcome the shortage.

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