• 394 days Could Crypto Overtake Traditional Investment?
  • 398 days Americans Still Quitting Jobs At Record Pace
  • 400 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 403 days Is The Dollar Too Strong?
  • 404 days Big Tech Disappoints Investors on Earnings Calls
  • 405 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 406 days China Is Quietly Trying To Distance Itself From Russia
  • 407 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 410 days Crypto Investors Won Big In 2021
  • 411 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 411 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 414 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 414 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 417 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 418 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 418 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 420 days Are NFTs About To Take Over Gaming?
  • 421 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 424 days What’s Causing Inflation In The United States?
  • 425 days Intel Joins Russian Exodus as Chip Shortage Digs In
  1. Home
  2. News
  3. Breaking News

Gas Stations Shut Down In Venezuela As Coronavirus Crisis Intensifies

Gas Stations Venezuela

Venezuela has started shutting down gasoline stations across the country as a shortage of fuels has prompted rationing, Bloomberg reports.

According to an unnamed source who spoke to Bloomberg, the government will leave only a few stations open to be managed by the army. These, however, will only service medical, food transport, and utility vehicles.

Venezuela, which has been fighting spiraling inflation and a prolonged collapse of its oil industry, has now faced another challenge: the Covid-19 pandemic. Over the last two weeks, Bloomberg reports, the country has had 70 confirmed cases. While not as many as other countries have seen, these could be just the beginning, and many are worrying the government may not be prepared enough to tackle this new challenge.

There are 1,600 fuel stations in Venezuela, and this is not the first gasoline shortage the country has experienced since its economy went downhill amid the last oil price collapse, the tumble accelerated substantially by U.S. sanctions targeting its oil industry.

Last year in May the suspension of gasoline imports from the U.S. led to shortages as local production also slumped because of the lack of diluents—also imported—to make the extra heavy Venezuelan crude easier to refine. Since then, the gasoline shortages seem to have become chronic and will now only worsen.

The Bloomberg sources did not say whether the shutdowns will extend to the capital Caracas, which in the past has been spared the worst effects of the crisis to keep citizen disgruntlement at bay.

Meanwhile, the U.S. has continued to step up the pressure on the Maduro government. Last month, Washington sanctioned the trading arm of Russia’s Rosneft for dealing in Venezuelan oil. Now, the Wall Street Journal reported on Sunday, the administration has opened criminal investigations against two former PdVSA officials in preparation for another round of sanctions.

By Irina Slav for Oilprice.com

 

Back to homepage

Leave a comment

Leave a comment