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Venezuela's fortunes rise and fall with oil price

At an official price of $0.015 per liter, citizens can get a full tank of petrol for next to nothing, but many would trade that for a bag of rice, a bottle of cooking oil or a roll of toilet paper, basic goods that are in short supply in shopsYou can fill up your car with gasoline for less than a dollar in Venezuela, but that’s where the good news ends for the country’s economy. Socialist President Nicolas Maduro and his late predecessor Hugo Chavez for years used Venezuela’s big oil revenues to fund social spending programs. The fall has devastated this Latin American nation of 30 million people, which gets 96 percent of its foreign revenues from oil.

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