The oil-rich socialist hell-hole known as Venezuela is facing domestic oil shortages despite having more crude oil reserves than anywhere else on earth, as the Blaze reported.
Deutsche Welle reported that the capitol city of Caracas doesn’t normally have issues with getting gas, but the state-controlled company Petróleos de Venezuela S.A., which serves as Venezuela’s main domestic producer, is having problems with distribution. In addition, the company has amassed a backlog of payment delays to their suppliers, which has led to the major slowdown they are currently experiencing.
“I can’t find 95 octane gasoline anywhere,” Jose Paredes, in the wealthy Altamira district of Caracas, explained to Reuters. “We’re an oil-producing country! It’s pathetic.”
PDVSA head Ysmel Serrano claimed that the internal shipping problems will be sorted out shortly and noted that “we’re strengthening deliveries to the center of the country to stabilize gasoline supplies.”
The Blaze reported:
But while Serrano is asking for calm and optimism, one union leader is saying that problems are a lot worse than the state-controlled company head is letting on. Ivan Freites, a union leader and prominent critic of the state-run oil company, said refineries only had oil inventories for two days compared with a standard of 15.
According to The Associated Press, analysts say the Venezuelan petroleum market, PDVSA especially, has been hit by the continued falling oil prices, causing financial and operational difficulties.
PDVSA isn’t the only Venezuelan state-run company facing financial difficulties. Venezuela’s government has a controlling interest in over 500 companies, and 70 percent of them are losing money.
Shockingly enough to those who struggle with economics, socialism doesn’t work. Someone should get that memo to Sen. Bernie Sanders and his supporters.