Venezuela

[22A]

Venezuela has one of the biggest oil reserves in the world. For many years the Venezuelan Bolivar was a more reliable currency than the Swiss Franc.

Now their economy is in ruins with a reported inflation rate of 1 million % and people fleeing the country and relying on charity there to feed them.

Apparently the price of crude oil has fallen dramatically rendering their oil stock worthless. 

How come then my local garage puts their price up every other week?

[Guest]

As someone who worked in the oil and gas industry firstly the whole industry is corrupt beyond belief. In a legally way - let us produce oil here and we’ll build you a few schools. So the oil companies are the most to benefit financially not the state.

The other reason being lack of skilled labour to produce it in a country with as you say horrific inflation. Production could drop before 1m barrels a day by end of year 

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On 28/08/2018 at 21:24, 22A said:

Venezuela has one of the biggest oil reserves in the world. For many years the Venezuelan Bolivar was a more reliable currency than the Swiss Franc.

Now their economy is in ruins with a reported inflation rate of 1 million % and people fleeing the country and relying on charity there to feed them.

Apparently the price of crude oil has fallen dramatically rendering their oil stock worthless. 

How come then my local garage puts their price up every other week?

Because they never joined the Eurozone.

Any country that either decides not to join, or, even worse, leaves the Eurozone, is doooooooomed to rampant inflation and ever reducing living conditions.

Take the UK - as you state yourself - the petrol price inflation just be in double digits. Millions fleeing back to Poland.

GET OUT NOW - WHILE YOU CAN STILL AFFORD TO FILL YOUR MID-RANGE VW GOLF WITH PETROL!!!!!!