Venezuela Imports Oil Despite Having Huge Reserves

#peakoil Venezuela Imports Oil Despite Having Huge Reserves: Despite having the largest oil reserves in the worl...

Venezuela Imports Oil Despite Having Huge Reserves Despite having the largest oil reserves in the world, Venezuela faces a severe shortage of gasoline, experts said. Former high-ranking employees at Venezuela’s state run oil company, Petróleos de Venezuela, S.A. (PDVSA), said that due to deterioration of its refinery system and the vast amount of fuel being smuggled out of the country, the government of President Hugo Chávez has to import fuel and components from the United States to fulfill contractual agreements and for consumption within the Andean nation. The former PDVSA employees also worry that due to the inability to increase production, the Venezuelan government will take steps to ration gasoline such as the measure it took in the border state of Zulia, where it has placed chips in residents vehicles to measure the amount of gasoline they consume. Protests have al...

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