Once a wealthy oil exporter, Venezuela’s hopes of reviving its shattered economy are pinned on huge investment in extracting one of the world’s most carbon-heavy blends of crude.
But concerns about climate change are upending energy markets worldwide, and some experts believe much of the country’s most valuable asset will remain stranded in the ground.
Some insist that Venezuela’s oil has not yet lost its allure. Ricardo Hausmann, a former Venezuelan planning minister in the 1990s now at Harvard University’s Centre for...
Ricardo Hausmann and Frank Muci - Americas Quarterly
On August 2017, the White House imposed financial sanctions on Venezuela, limiting its access to U.S. financial markets. Shortly after, Venezuela’s economy and oil sector collapsed. Economists Mark Weisbrot, co-director of the Center for Economic and Policy Research, and Jeffrey Sachs conclude that the sanctions caused the collapse and human suffering that followed. Is this persuasive?...
Thousands of angry demonstrators in Venezuela took to the streets again this week to protest the government of President Nicolás Maduro, two weeks after he was sworn in for a second term following an election that many critics say was rigged. The protests were organized by opposition leader Juan Guaidó, president of the National Assembly, who has declared himself acting president.
Once one of the richest countries in Latin America with the world’s largest oil reserves, Venezuela has been in political, economic, and...
Douglas Barrios and Dany Bahar - Brookings Up Front
Venezuelans who have fled the country already surpass the 3 million mark, with over one million in Colombia. Colombian authorities have stated that they...
Wishing a problem away is seldom an effective strategy. While the international community has had its attention focused on other issues, the Venezuelan catastrophe has deepened. If current trends continue, it will only get worse.
A day’s work at the median wage now buys 1.7 eggs or a kilogram of...
