Venezuelan Gas Prices Jumped 6,000 Percent Thanks To President Maduro

Nicolás Maduro, the former bus driver, an instagram celebrity and current president of Venezuela, is turning the country into an economic nightmare. Maduro became a union leader and in 2006, he became the foreign minister under the Chavez regime. In 2013, he was elected president after Chavez died of cancer. The country has been in disaster mode ever since Maduro became president. His lame attempt to prevent the economy from collapsing is a lesson in ignorance. Maduro went on Venezuelan television and talked for five hours about what he was going to do to get the country moving again. One of his first acts was to increase the price of gas by 6,000 percent.

The petrol price increase is a huge risk. The Caracazo riots broke out in 1989 after a government gas hike, and more than 3,000 lost their lives. The current increase is the first price increase in 17 years. The opposition together with Danilo Diaz is trying to remove him from office, but that hasn’t happened and may not happen, according to an article posted by Telegraph.co.UK.

Venezuela does have more oil reserves than any other country in the world, and gas is still considered cheap there. But in an economy that is experiencing a more than 720 percent inflation rate, and food prices have jumped more than 315 percent there is little solace in the fact that gas prices are still the lowest in the world.