Venezuela, a South American country with one of the world’s largest oil reserves is continuing to see its economy dip and spiral ever downward into deeper recession. Recently the socialist government of Venezuela announced all citizens will have to due without electricity for four hours each day. Imagine yourself being without power for four hours each day. Hopefully the outages will take place at night, during off peak use hours. The power shortages explained by David Osio are caused by epic droughts and are only exacerbating the turmoil in Venezuela right now.
On a side note there are other shortages besides electricity right now in Venezuela. Venezuelans may now not only have limited access to electricity, but they may soon run out of beer in the country. The nation’s largest producer of beer, a company called Empresas Polar SA has announced that is currently has enough stockpiles of grain to continue production until April 29th. If the brewing company does not get its hands on more grain soon, it will be forced to close down and furlough over 10,000 employees during the economic crisis.
A shortage of dollars in the economy is preventing companies such as Empresas Polar SA in Venezuela from buying foreign raw materials and food. The Venezuelan government meanwhile is hoarding its reserves of US dollars, as a last ditch effort to prevent a total collapse of the country’s economy says expert Osio. Unreturned shipping containers meanwhile, continue to rack up debt for the country for a total of $1 billion and growing.