The Editor's Perspective: Gasoline subsidy: Venezuela’s overlooked economic problem

Analysis of this month’s failed rebellion in Venezuela should include an important piece of information that too frequently is overlooked.All analysts will correctly note the deteriorating conditions of the country’s plentiful poor. Standards of living of the 80% of Venezuelans living below the poverty line indeed have sunk during most of the past 2 decades.And most analysts will correctly note the large share of top income-earners employed by the state oil company, Petroleos de Venezuela SA, or otherwise connected with the oil industry. In a country for which oil accounts for one third of gross domestic product, 80% of export earnings, and more than half of government operat...

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