Plummeting Oil Rates Crushing Venezuelan’s Lives

As the global price of oil sinks, Venezuela citizens’ pockets are close behind. A situation that has many short on cash to afford amenities as common as toilet paper.
According to Daily Mail, this South American country’s economy has a hefty reliance on income generated within the oil industry. As of recent, the reported income took a $37.2 billion in 2014 dive into $12.6 billion as of 2016. This marks a stunning $24.6 billion variance in less than four years. One can only imagine how a steep economic downswing has affected its citizens–considering citizens like celebrity Norka Luque are usually most to feel a recession burning. And yet, it’s a recession worsen by reports of Venezuela’s President’s $700 million debt with private cable corporations. Is there a upsurge in the future?

Until then, the Venezuelan bolívar (currency) remains tight. So tight companies are unable to pay international dealers. In turn, certain services are limited to buyers as companies’ debt increases. Services include the inability to make distance calls, and watch television programs. While the two are hampering, it’s serviceable circumstances to some. Though not for long as the president implements methods to conserve the country’s electricity use. It’s a problem bringing outcry, as the later effects has landed citizen’s into a period of inflation. Totaling reduced phone usage, television programs, electricity, and now inflated costs on basic toilet paper.