By ishaan bhattacharya Welcome to the fifth edition of the Giannini Politics Update. Today we will discuss Venezuela’s failing but once-immense oil industry. Venezuela’s oil industry was once the base of South America’s most affluent nation but is now in ruins. “The workers, who years ago enjoyed some of the best benefits among Venezuela's public and private employees, have paid the highest price for their country's spiral into hyperinflation. Their salaries are now worth just a handful of dollars.” (CNN.com) This means that the workers in this field have sacrificed hyperinflation for salaries of a significant amount. Many employees can no longer afford even the most inexpensive foods. Salaries used to be more than enough to feed workers’ families. According to Bank of America, oil prices could hit $100 a barrel. In January the price of one barrel of oil was $69.08 and in December the price of one barrel of oil was $64.37. Over the last 12 months, the price has already risen 26.57%. This shows that the oil supply is low and it is running out. This could mean an economic crisis for many nations including Venezuela. In conclusion, Venezuela’s oil industry and economy is collapsing. This is quite a difference from the past when Venezuela was among one of the richest countries economy wise. The future could hold change so stay tuned to news involving Venezuela’s oil industry and economy.
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