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originally posted by: AmericanRealist
a reply to: greencmp
yea that is going to be a problem. Having no beer is worse than a prohibition on beer. They better start some bootlegging operations out there or things will get ugly quick.
I guess Venezuela will end up back in our asset column once the people tear apart their government due to the negligence that has led to this turmoil.
The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports. Venezuela is the fifth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America. During the collapse of oil prices in the 1980s the economy contracted, the monetary sign commenced a progressive devaluation, and inflation skyrocketed to reach peaks of 84% in 1989 and 99% in 1996, three years prior to Hugo Chávez taking office.
Venezuela manufactures and exports heavy industry products such as steel, aluminium and cement, with production concentrated around Ciudad Guayana, near the Guri Dam, one of the largest in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes electronics and automobiles, as well as beverages, and foodstuffs. Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork, and beef. The country is not self-sufficient in most areas of agriculture.
originally posted by: Joecanada11
a reply to: IAMTAT
How are you paying these countries to screw you ? Provide some solid proof of that. They are happy because they aren't afraid of their police, they aren't srarving, and they have medical care. I know its really terrible.
The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 297 billion barrels (4.72×1010 m3) as of 1 January 2014.