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roamer65

(37,866 posts)

5. Their budget was built on $100/bbl oil.

Reply to brooklynite (Original post)

Tue May 31, 2016, 11:20 AM

May 2016

When Saudi Arabia crashed the oil market, Venezuela was ready made for a fiscal crisis. The majority of Venezuelan GDP comes from oil sales.

Nigeria is having fiscal issues as well.

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$150 for a dozen eggs? The price of inflation and shortages in Venezuela [View all] brooklynite May 2016 OP

Inflation doesn't come from drops in oil prices... TampaAnimusVortex May 2016 #1

I keep seeing all these RW posts about 'socialism' being the cause of all this turmoil. CurtEastPoint May 2016 #2

Mismanagement of government is to blame, and that can happen under any economic system Lee-Lee May 2016 #3

No. It was pure mismanagement. nt hack89 May 2016 #4

Probably aided by ReThug bankers.... harrose May 2016 #6

No. Home grown corruption was more than enough. Nt hack89 May 2016 #7

I'm sure that there was plenty of that too... harrose May 2016 #9

Any details you would like to share? Nt hack89 May 2016 #10

Nope. Just drawing from experience. harrose May 2016 #11

No. It is sheer incompetence. Adrahil May 2016 #8

Their budget was built on $100/bbl oil. roamer65 May 2016 #5