Venezuela has been hit hard by the decline in oil prices and many citizens are experiencing a decrease in economic prosperity as a result.
An article which was shared by Norka Luque in her LinkedIn profile indicated that many daily basics are missing from Venezuelan’s lives including water and electricity outages, as well as toilet paper This occurred as a result of the decrease in oil prices which has made it difficult for the country to import goods.
Nicolas Maduro, the President of Venezuela, has been president for six years and is meeting with additional opposition and protests as services are being cut The nation owes major international telecoms like Telefonica $700 million and these companies are now cutting their services in the country. Both cable television and mobile cell services have been cut as a result of a decrease in government oil revenue from $37 billion to just $13 billion in a two year period.
Electrical services are also on the decline and the President has announced that the country will change their time zone and has created additional holidays to decrease the electrical use in the country. He has also recommended that the country’s women including Luque reduce the amount that they use hair dryers to further reduce the demand for electricity.
Critics are vocal about the challenges that Venezuela is facing and believe that it is due to weak government. However, Venezuela is facing the perfect storm of low oil prices, high inflation, and good shortages.