The economy of Venezuela has been in decline, ever since Hugo Chaves came into power. Now, with the changes in their government giving his successor Nicolás Maduro dictatorial power, the world can expect to see even greater shortages and increased poverty in the South American country.
Yet it should not be so. Venezuela sits upon the world’s largest oil reserves, even larger than Saudi Arabia. With petroleum being one of the greatest measures of wealth today, it would be natural to expect the country to be wealthy.
But poor management, corruption and limited production is keeping the people of Venezuela from enjoying the fruits of nature’s abundance.