Editing Venezuela (section)

== Economy ==
{{Main|Economy of Venezuela}}
{{blockquote|Almost 82 per cent of Venezuelans live in poverty, with 53 per cent in extreme poverty, unable to buy even basic foodstuffs.{{pb}}{{ndash}} A UN special rapporteur said in February 2024 after visiting the country.<ref name="u571">{{cite web | title=Venezuela's election: More Maduro or a new democratic era? | website=CBC | date=25 Jul 2024 | url=https://www.cbc.ca/news/world/venezuela-election-preview-1.7274864 | access-date=25 Jul 2024 | archive-date=25 July 2024 | archive-url=https://web.archive.org/web/20240725143901/https://www.cbc.ca/news/world/venezuela-election-preview-1.7274864 | url-status=live }}</ref>}}

Venezuela was "once among South America's wealthiest countries" before the economic meltdown under Maduro regime.<ref name="gbnew2024jul">{{cite web | last=Bishop | first=Holly | title=Venezuela 'on brink of civil war' as Putin-ally warns of 'BLOODBATH' if he loses crunch vote | website=GB News | date=27 Jul 2024 | url=https://www.gbnews.com/news/world/venezuela-brink-civil-war-nicolas-maduro-putin-ally-warns-bloodbath-election | access-date=28 Jul 2024 | archive-date=23 August 2024 | archive-url=https://web.archive.org/web/20240823215935/https://www.gbnews.com/news/world/venezuela-brink-civil-war-nicolas-maduro-putin-ally-warns-bloodbath-election | url-status=live }}</ref>

"The formerly rich petro-state has seen GDP fall by 80 percent in less than a decade, driving some seven million of its citizens to flee. Most Venezuelans live on just a few dollars a month, with the health care and education systems in total disrepair and biting shortages of electricity and fuel" as of 2024, according to [[VOA]] (report from [[Agence France-Presse|AFP]]).<ref name="h998">{{cite web | agency=Agence France-Presse | title=Concern grows as Venezuela blocks election observers | website=Voice of America | date=27 Jul 2024 | url=https://www.voanews.com/a/concern-grows-as-venezuela-blocks-election-observers/7715124.html | access-date=27 Jul 2024 | archive-date=23 August 2024 | archive-url=https://web.archive.org/web/20240823215937/https://www.voanews.com/amp/concern-grows-as-venezuela-blocks-election-observers/7715124.html | url-status=live }}</ref>

The country has a market-based [[mixed economy]] dominated by the petroleum sector,<ref>{{Cite web |date=25 April 2017 |title=The Economy Of Venezuela |url=https://www.worldatlas.com/articles/important-facts-related-to-the-economy-of-venezuela.html |access-date=1 January 2024 |website=WorldAtlas |language=en-US |archive-date=1 January 2024 |archive-url=https://web.archive.org/web/20240101165314/https://www.worldatlas.com/articles/important-facts-related-to-the-economy-of-venezuela.html |url-status=live}}</ref><ref>{{cite web|url=https://www.aljazeera.com/indepth/opinion/socialism-blame-venezuelas-crisis-180530095418091.html|title=Is socialism to blame for Venezuela's never-ending crisis?|website=Al Jazeera|access-date=19 March 2020|archive-date=25 April 2020|archive-url=https://web.archive.org/web/20200425032405/https://www.aljazeera.com/indepth/opinion/socialism-blame-venezuelas-crisis-180530095418091.html|url-status=live}}</ref> which accounts for roughly a third of GDP, around 80% of exports, and more than half of government revenues. Per capita GDP for 2016 was estimated to be US$15,100, ranking 109th in the world.<ref name="ciawfb" /> Venezuela has the [[Gasoline usage and pricing|least expensive petrol]] in the world because the consumer price of petrol is heavily subsidized. The private sector controls two-thirds of Venezuela's economy.<ref>{{cite web|url=https://www.foxnews.com/world/what-socialism-private-sector-still-dominates-venezuelan-economy-despite-chavez-crusade|agency=Associated Press|title=What socialism? Private sector still dominates Venezuelan economy despite Chavez crusade|website=[[Fox News]]|date=18 July 2010|access-date=19 March 2020|archive-date=26 February 2020|archive-url=https://web.archive.org/web/20200226140807/https://www.foxnews.com/world/what-socialism-private-sector-still-dominates-venezuelan-economy-despite-chavez-crusade|url-status=live}}</ref>

A part of the Venezuelan economy depends on [[remittance]]s.

The [[Central Bank of Venezuela]] is responsible for developing [[monetary policy]] for the [[Venezuelan bolívar]] which is used as currency. The president of the Central Bank of Venezuela serves as the country's representative in the [[International Monetary Fund]]. The U.S.-based conservative think tank [[The Heritage Foundation]] claims Venezuela has the weakest property rights in the world, scoring only 5.0 on a scale of 100; expropriation without compensation is not uncommon.

As of 2011, more than 60% of Venezuela's international reserves was in gold, eight times more than the average for the region. Most of Venezuela's gold held abroad was located in London. On 25 November 2011, the first of US$11&nbsp;billion of repatriated gold bullion arrived in Caracas; Chávez called the repatriation of gold a "sovereign" step that will help protect the country's foreign reserves from the turmoil in the U.S. and Europe.<ref>{{cite web|url=http://www.allvoices.com/contributed-news/10960388-venezuela-gold-returns-to-the-country-the-euphoria-in-the-streets |title=Venezuela: Gold Returns to the Country, The Euphoria in the Streets |date=26 November 2011 |url-status=dead |archive-url=https://web.archive.org/web/20131021010511/http://www.allvoices.com/contributed-news/10960388-venezuela-gold-returns-to-the-country-the-euphoria-in-the-streets |archive-date=21 October 2013}}</ref> However government policies quickly spent down this returned gold and in 2013 the government was forced to add the dollar reserves of state owned companies to those of the national bank to reassure the international bond market.<ref>{{cite news |url=https://www.bloomberg.com/news/2013-08-09/venezuela-ogles-chavez-s-hidden-billions-as-reserves-sink.html |title=Venezuela Ogles Chavez's Hidden Billions as Reserves Sink |last1=Pons |first1=Corina |last2=Corina |first2=Nathan |date=9 August 2013 |work=[[Bloomberg.com]] |access-date=19 October 2013 |archive-date=23 October 2013 |archive-url=https://web.archive.org/web/20131023183703/http://www.bloomberg.com/news/2013-08-09/venezuela-ogles-chavez-s-hidden-billions-as-reserves-sink.html |url-status=live}}</ref>
{{Image frame|align=right|width=350|caption=Annual variation of real GDP according to the Central Bank of Venezuela (2016 preliminary)<ref name="BCV2016">{{cite web|url=http://www.bcv.org.ve/Upload/Comunicados/aviso180216.pdf|title=Resultados del Índice Nacional de Precios Al Consumidor, Producto Interno Bruto y Balanza de Pagos Cuarto Trimestre De 2015|date=18 February 2016|language=es|publisher=BCV|access-date=19 March 2017|archive-date=13 December 2016|archive-url=https://web.archive.org/web/20161213134315/http://www.bcv.org.ve/Upload/Comunicados/aviso180216.pdf|url-status=dead}}</ref><ref>{{cite web|url=https://www.reuters.com/article/venezuela-economy-idUSL1N1FA1JL|title=UPDATE 1-Venezuela 2016 inflation hits 800 pct, GDP contracts nearly 19 pct|author=Corina Pons|date=20 January 2017|access-date=14 May 2017|publisher=REUTERS|archive-date=2 March 2017|archive-url=https://web.archive.org/web/20170302002030/http://www.reuters.com/article/venezuela-economy-idUSL1N1FA1JL|url-status=live}}</ref>|content={{Graph:Chart|width=300|height=230|xAxisTitle=|yAxisTitle=|type=rect|x=2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 |y=5.3,-3.2,-1.5,4.2,5.6,1.3,-3.9,-5.7,-18.6|showValues=offset:3,fontcolor:black}}}}
Manufacturing contributed 17% of GDP in 2006. Venezuela manufactures and exports heavy industry products such as steel, aluminium and cement, with production concentrated around [[Ciudad Guayana]], near the [[Guri Dam]], one of the largest in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes [[electronics]] and [[automobiles]], as well as beverages, and [[foodstuff]]s. [[Agriculture in Venezuela]] accounts for approximately 3% of GDP, 10% of the labor force, and at least a quarter of Venezuela's land area. The country is not self-sufficient in most areas of agriculture.{{citation needed|date=June 2022}}

Since the discovery of oil in the early 20th century, Venezuela has been one of the world's leading exporters of oil, and it is a founding member of [[OPEC]]. Previously an underdeveloped exporter of agricultural commodities, oil quickly came to dominate exports and government revenues. The 1980s oil glut led to an external debt crisis and a long-running economic crisis, which saw inflation peak at 100% in 1996.{{sfn|Kelly|Palma|2006|p=207}} The 1990s also saw Venezuela experience a [[Venezuelan banking crisis of 1994|major banking crisis in 1994]].

[[File:Los Dos Caminos.jpg|thumb|left|Millenium Mall, one of the main [[shopping centers]] in [[Caracas]]]]

The recovery of oil prices after 2001 boosted the Venezuelan economy and facilitated social spending. With social programs such as the [[Bolivarian Missions]], Venezuela initially made progress in social development in the 2000s, particularly in areas such as health, education, and poverty. Many of the social policies pursued by Chávez and his administration were jump-started by the [[Millennium Development Goals]], eight goals that Venezuela and 188 other nations agreed to in September 2000.<ref>[https://www.un.org/millenniumgoals/11_MDG%20Report_EN.pdf "The Millennium Development Goals Report 2011".] {{webarchive |url=https://web.archive.org/web/20130309160853/http://www.un.org/millenniumgoals/11_MDG%20Report_EN.pdf |date=9 March 2013}} United Nations. 2011. Web. 2 April 2012.</ref> The sustainability of the Bolivarian Missions has been questioned due to the Bolivarian state's overspending on public works and because the Chávez government did not save funds for future economic hardships, with economic issues and poverty rising as a result of their policies in the 2010s.<ref name="ELPAISfeb2015" /><ref name="CSM25march">{{cite news|last1=Gallagher|first1=J. J.|title=Venezuela: Does an increase in poverty signal threat to government?|url=http://www.csmonitor.com/World/Americas/2015/0325/Venezuela-Does-an-increase-in-poverty-signal-threat-to-government|access-date=29 March 2015|agency=[[The Christian Science Monitor]]|date=25 March 2015|archive-date=21 January 2020|archive-url=https://web.archive.org/web/20200121082812/https://www.csmonitor.com/World/Americas/2015/0325/Venezuela-Does-an-increase-in-poverty-signal-threat-to-government|url-status=live}}</ref><ref name="FPdontblame">{{cite news|last1=Corrales|first1=Javier|title=Don't Blame It On the Oil|url=https://foreignpolicy.com/2015/05/07/dont-blame-it-on-the-oil-venezuela-caracas-maduro/|access-date=10 May 2015|agency=[[Foreign Policy]]|date=7 May 2015|archive-date=27 November 2015|archive-url=https://web.archive.org/web/20151127152755/http://foreignpolicy.com/2015/05/07/dont-blame-it-on-the-oil-venezuela-caracas-maduro/|url-status=live}}</ref> In 2003 the government of Hugo Chávez implemented currency controls after capital flight led to a devaluation of the currency. This led to the development of a parallel market of dollars in the subsequent years. The [[Great Recession]] led to a renewed economic downturn. Despite controversial data shared by the Venezuelan government showing that the country had halved malnutrition following one of the UN's Millennium Development Goals,<ref name="ECONeatCHAVISMO" /><ref>{{cite web|title = UN Congratulates Venezuela on Hunger|url = https://abcnews.go.com/ABC_Univision/News/congratulates-venezuela-reducing-hunger-widespread-food-shortages/story?id=19421963|website = ABC News|date = 18 June 2013|access-date = 18 July 2015|archive-date = 21 July 2015|archive-url = https://web.archive.org/web/20150721211252/http://abcnews.go.com/ABC_Univision/News/congratulates-venezuela-reducing-hunger-widespread-food-shortages/story?id=19421963|url-status = live}}</ref> shortages of staple goods began to occur in Venezuela and malnutrition began to increase.<ref name="ECONeatCHAVISMO" />[[File:SaltoAngel1.jpg|thumb|[[Angel Falls|Ángel Falls]] is one of Venezuela's top tourist attractions and the world's highest waterfall, located in the [[Canaima National Park]].]]

In early 2013, Venezuela devalued its currency due to growing shortages in the country.<ref name=WSJ-Devalue-Currency>{{cite news|title=Venezuela Slashes Currency Value|url=https://online.wsj.com/news/articles/SB10001424127887323951904578292383059267360|access-date=14 December 2013|newspaper=The Wall Street Journal|date=9 February 2013|first1=Ezequiel|last1=Minaya|first2=Kejal|last2=Vyas|archive-date=12 January 2014|archive-url=https://web.archive.org/web/20140112223100/http://online.wsj.com/news/articles/SB10001424127887323951904578292383059267360|url-status=live}}</ref><ref name=":8">{{cite news|last=Cawthorne|first=Andrew|url=https://www.reuters.com/article/us-venezuela-economy-idUSKCN0ID00A20141024|title=Venezuela seizes warehouses packed with medical goods, food|work=Reuters|date=24 October 2014|access-date=30 June 2015|archive-date=2 July 2015|archive-url=https://web.archive.org/web/20150702124615/http://www.reuters.com/article/2014/10/24/us-venezuela-economy-idUSKCN0ID00A20141024|url-status=live}}</ref> The shortages included, and still include, necessities such as toilet paper, milk, and flour.<ref name=TheGuardian-Food-Shortages/> Fears rose so high due to the toilet paper shortage that the government occupied a toilet paper factory, and continued plans to nationalize other industrial aspects like food distribution.<ref>{{cite web|title = Venezuela to nationalize food distribution|url = https://news.yahoo.com/venezuela-nationalize-food-distribution-191734377.html|access-date = 6 May 2015|archive-date = 4 May 2015|archive-url = https://web.archive.org/web/20150504030533/http://news.yahoo.com/venezuela-nationalize-food-distribution-191734377.html|url-status = live}}</ref><ref>{{cite news|title=Facing shortages, Venezuela takes over toilet paper factory|url=http://www.cnn.com/2013/09/21/world/americas/venezuela-toilet-paper/|access-date=14 December 2013|newspaper=CNN|date=21 September 2013|archive-date=3 December 2013|archive-url=https://web.archive.org/web/20131203054145/http://www.cnn.com/2013/09/21/world/americas/venezuela-toilet-paper/|url-status=live}}</ref> Venezuela's bond ratings have also decreased multiple times in 2013 due to decisions by the president Nicolás Maduro.<ref>{{cite news|title=Update – S&P cuts Venezuela debt rating to B-minus|url=https://www.reuters.com/article/venezuela-downgrade-standardandpoors-idUSL2N0ET0Z120130617|access-date=14 December 2013|newspaper=Reuters|date=14 December 2013|first=Daniel|last=Bases|archive-date=3 December 2013|archive-url=https://web.archive.org/web/20131203031258/http://www.reuters.com/article/2013/06/17/venezuela-downgrade-standardandpoors-idUSL2N0ET0Z120130617|url-status=live}}</ref> In 2016, consumer prices in Venezuela increased 800% and the economy declined by 18.6%, entering an [[economic depression]].<ref>{{cite web|title=Venezuela 2016 inflation hits 800 percent, GDP shrinks 19 percent|website=[[CNBC]]|date=20 January 2017|url=https://www.cnbc.com/2017/01/20/venezuela-2016-inflation-hits-800-percent-gdp-shrinks-19-percent-document.html|access-date=7 May 2017|archive-date=29 April 2017|archive-url=https://web.archive.org/web/20170429183703/http://www.cnbc.com/2017/01/20/venezuela-2016-inflation-hits-800-percent-gdp-shrinks-19-percent-document.html|url-status=live}}</ref><ref>{{cite web |author1=Rosati, Andrew |title=Venezuela's Awful Economy Got Even Worse in 2016 |url=https://www.bloomberg.com/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit |work=[[Bloomberg News]] |access-date=10 January 2019 |date=11 January 2017 |archive-date=17 January 2017 |archive-url=https://web.archive.org/web/20170117070211/https://www.bloomberg.com/news/articles/2017-01-11/goodbye-recession-hello-depression-venezuela-gdp-takes-10-hit |url-status=live}}</ref> Venezuela's outlook was deemed negative by most bond-rating services in 2017.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2017-11-14/venezuela-s-bondholder-meeting-is-a-bust-as-s-p-declares-default|title=Venezuela's Bondholder Meeting Is a Bust as S&P Declares Default|last=Bartenstein|first=Ben|date=1 November 2017|work=[[Bloomberg.com]]|access-date=15 November 2017|display-authors=etal|archive-date=14 November 2017|archive-url=https://web.archive.org/web/20171114061329/https://www.bloomberg.com/news/articles/2017-11-14/venezuela-s-bondholder-meeting-is-a-bust-as-s-p-declares-default|url-status=live}}</ref><ref>{{cite web|title=Rating: Venezuela Credit Rating|url=http://countryeconomy.com/ratings/venezuela|access-date=14 December 2013|archive-date=14 December 2013|archive-url=https://web.archive.org/web/20131214033951/http://countryeconomy.com/ratings/venezuela|url-status=live}}</ref> For 2018 an inflation rate of 1,000,000 percent was projected, putting Venezuela in a similar situation to that in Germany in 1923 or Zimbabwe in the late 2000s.<ref>{{cite news |title=IMF projects Venezuela inflation will hit 1,000,000 percent in 2018 |url=https://www.reuters.com/article/us-venezuela-economy/imf-projects-venezuela-inflation-will-hit-1000000-percent-in-2018-idUSKBN1KD2L9 |access-date=24 July 2018 |work=Reuters |date=2 July 2018 |archive-date=23 August 2018 |archive-url=https://web.archive.org/web/20180823140805/https://www.reuters.com/article/us-venezuela-economy/imf-projects-venezuela-inflation-will-hit-1000000-percent-in-2018-idUSKBN1KD2L9 |url-status=live}}</ref>

===Tourism===
{{Main|Tourism in Venezuela}}
Tourism has been developed considerably in recent decades, particularly because of its favorable geographical position, the variety of landscapes, the richness of plant and [[wildlife]], the culture and the tropical climate.

[[Margarita Island]] is one of the top tourist destinations. It is an island with a modern infrastructure, bordered by beaches suitable for extreme sports, and features castles, fortresses and churches of great cultural value.

[[Los Roques Archipelago]] is made up of a set of islands and keys that constitute one of the main tourist attractions in the country. With exotic crystalline beaches, Morrocoy is a national park, formed by small keys very close to the mainland, which have grown rapidly as one of the greatest tourist attractions in the Venezuelan Caribbean.<ref>{{Cite book|last1=Brushaber|first1=Susan|url=https://books.google.com/books?id=F7iKEMRJKxcC&q=los+roques+tourism&pg=PT73|title=Venezuela Alive|last2=Greenberg|first2=Arnold|year=1997|publisher=Hunter Publishing, Inc|isbn=978-1-55650-800-4|access-date=7 November 2020|archive-date=29 November 2023|archive-url=https://web.archive.org/web/20231129032909/https://books.google.com/books?id=F7iKEMRJKxcC&q=los+roques+tourism&pg=PT73#v=snippet&q=los%20roques%20tourism&f=false|url-status=live}}</ref>
[[File:Parque Nacional Mochima2.JPG|thumb|256x256px|[[Mochima National Park]], Eastern Venezuela]]
[[Canaima National Park]]<ref>{{Cite book|last=Mann|first=Mark|url=https://books.google.com/books?id=lTIiAwAAQBAJ&q=canaima+tourism&pg=PA162|title=The Community Tourism Guide: Exciting Holidays for Responsible Travellers|year=2014|publisher=Routledge|isbn=978-1-317-85466-1|access-date=7 November 2020|archive-date=29 November 2023|archive-url=https://web.archive.org/web/20231129032905/https://books.google.com/books?id=lTIiAwAAQBAJ&q=canaima+tourism&pg=PA162#v=snippet&q=canaima%20tourism&f=false|url-status=live}}</ref> extends over 30,000&nbsp;km<sup>2</sup> to the border with Guyana and Brazil; due to its size it is considered the sixth largest national park in the world. Its steep cliffs and waterfalls (including Angel Falls, which is the highest waterfall in the world, at 1,002 m) form spectacular landscapes.

The state of [[Mérida (state)|Mérida]]<ref>{{Cite book|last=Dagert|first=Domingo Alberto Medina|url=https://books.google.com/books?id=KZw3xycJZUYC&q=merida+state+tourism|title=Community Perceptions and Attitudes Toward Tourism: "Los Aleros" Merida, Venezuela|date=1993|publisher=Michigan State University. Department of Park and Recreation Resources|access-date=29 September 2020|archive-date=29 November 2023|archive-url=https://web.archive.org/web/20231129033027/https://books.google.com/books?id=KZw3xycJZUYC&q=merida+state+tourism|url-status=live}}</ref> is one of the main tourist centers of Venezuela. It has an extensive network of hotels not only in its capital city, but also throughout the state. Starting from the same city of Mérida is the longest and highest cable car in the world, which reaches the Pico Espejo of 4,765 m.

=== Shortages ===
{{Main|Shortages in Venezuela}}
[[Shortages]] in Venezuela have been prevalent following the enactment of price controls and other policies during the [[economic policy of the Hugo Chávez government]].<ref name="economist.com">{{cite news |url=https://www.economist.com/blogs/americasview/2013/02/venezuela%E2%80%99s-currency |access-date=18 February 2013 |title=Venezuela's currency: The not-so-strong bolívar |newspaper=[[The Economist]] |date=11 February 2013 |archive-date=3 May 2019 |archive-url=https://web.archive.org/web/20190503020626/https://www.economist.com/blogs/americasview/2013/02/venezuela%E2%80%99s-currency |url-status=live}}</ref><ref name="qz.com">{{cite news |title=Venezuela's black market rate for US dollars just jumped by almost 40% |url=http://qz.com/192395/venezuelas-black-market-rate-for-us-dollars-just-jumped-by-almost-40/#/h/56869,3/ |access-date=27 March 2014 |newspaper=Quartz |date=26 March 2014 |archive-date=13 April 2019 |archive-url=https://web.archive.org/web/20190413072804/https://qz.com/192395/venezuelas-black-market-rate-for-us-dollars-just-jumped-by-almost-40/#/h/56869,3/ |url-status=live}}</ref> Under the [[economic policy of the Nicolás Maduro government]], greater shortages occurred due to the Venezuelan government's policy of withholding United States dollars from importers with price controls.<ref name="WSJseptDOWNGRADE">{{cite news |last1=Dulaney |first1=Chelsey |last2=Vyas |first2=Kejal |title=S&P Downgrades Venezuela on Worsening Economy Rising Inflation, Economic Pressures Prompt Rating Cut |url=https://online.wsj.com/articles/s-p-downgrades-venezuela-on-worsening-economy-1410907125 |access-date=18 September 2014 |agency=The Wall Street Journal |date=16 September 2014 |archive-date=18 September 2014 |archive-url=https://web.archive.org/web/20140918020446/http://online.wsj.com/articles/s-p-downgrades-venezuela-on-worsening-economy-1410907125 |url-status=live}}</ref>[[File:Escasez en Venezuela, Central Madeirense 8.JPG|thumb|Empty shelves in a store in Venezuela due to shortages in 2014]]Shortages occur in regulated products, such as milk, various types of meat, coffee, rice, oil, flour, butter, and other goods including basic necessities like toilet paper, personal hygiene products, and even medicine.<ref name="economist.com" /><ref name="ACN">{{cite web|title=La escasez también frena tratamientos contra cáncer |language=es |location=Venezuela |url=http://acn.com.ve/la-escasez-tambien-frena-tratamientos-contra-cancer/ |access-date=25 August 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140826135417/http://acn.com.ve/la-escasez-tambien-frena-tratamientos-contra-cancer/ |archive-date=26 August 2014}}</ref><ref name="El Nuevo Herald">{{cite news |title=Venezuela sufre escasez de prótesis mamarias |language=es |publisher=[[El Nuevo Herald]] |url=http://www.elnuevoherald.com/2014/03/19/1705888/venezuela-sufre-escasez-de-protesis.html |access-date=25 August 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140826113732/http://www.elnuevoherald.com/2014/03/19/1705888/venezuela-sufre-escasez-de-protesis.html |archive-date=26 August 2014}}</ref> As a result of the shortages, Venezuelans must search for food, wait in lines for hours and sometimes do without certain products.<ref name=":7">{{cite news |title=Why are Venezuelans posting pictures of empty shelves? |url=https://www.bbc.com/news/blogs-trending-30710014 |access-date=10 January 2015 |agency=BBC |date=8 January 2015 |archive-date=29 April 2023 |archive-url=https://web.archive.org/web/20230429221805/http://www.bbc.com/news/blogs-trending-30710014 |url-status=live}}</ref><ref name="REUTjan2015">{{cite news |last1=Cawthorne |first1=Andrew |title=In shortages-hit Venezuela, lining up becomes a profession |url=https://www.reuters.com/article/us-venezuela-shortages-idUSKBN0KU1BX20150121 |access-date=17 June 2015 |work=[[Reuters]] |date=21 January 2015 |archive-date=15 November 2015 |archive-url=https://web.archive.org/web/20151115012641/http://www.reuters.com/article/2015/01/21/us-venezuela-shortages-idUSKBN0KU1BX20150121 |url-status=live}}</ref><ref>{{cite news |title=Exclusive: Harrowing Video Shows Starving Venezuelans Eating Garbage, Looting |url=http://www.foxbusiness.com/politics/2016/05/26/exclusive-harrowing-video-shows-starving-venezuelans-eating-garbage-looting.html|access-date=12 July 2016|agency=[[Fox Business]]|archive-url=https://web.archive.org/web/20160707182016/http://www.foxbusiness.com/politics/2016/05/26/exclusive-harrowing-video-shows-starving-venezuelans-eating-garbage-looting.html |archive-date=7 July 2016|url-status=dead|last=MacDonald|first=Elizabeth|date=26 May 2016}}</ref><ref>{{cite news|title=As hunger mounts, Venezuelans turn to trash for food|last=Sanchez|first=Fabiola|date=8 June 2016|agency=[[Associated Press]]|url=http://bigstory.ap.org/article/5ee6b03daee141c3b89d419ecadcc7fa/venezuelans-pick-through-trash-food-eat-or-sell|access-date=12 July 2016|archive-date=31 March 2017|archive-url=https://web.archive.org/web/20170331095757/http://bigstory.ap.org/article/5ee6b03daee141c3b89d419ecadcc7fa/venezuelans-pick-through-trash-food-eat-or-sell|url-status=dead}}</ref><ref>{{cite news |title=Mangoes fill the gaps in Venezuela's food crisis |url=http://www.cbc.ca/news/multimedia/mangoes-fill-the-gaps-in-venezuela-s-food-crisis-1.3620964 |access-date=12 July 2016 |agency=[[Canadian Broadcasting Corporation]] |date=7 June 2016 |archive-date=2 January 2023 |archive-url=https://web.archive.org/web/20230102004401/https://www.cbc.ca/news/multimedia/mangoes-fill-the-gaps-in-venezuela-s-food-crisis-1.3620964 |url-status=live}}</ref>

A drought, combined with a lack of planning and maintenance, has caused a hydroelectricity shortage. To deal with lack of power supply, in April 2016 the Maduro government announced rolling blackouts<ref>[https://www.npr.org/sections/thetwo-way/2016/04/22/475250605/venezuela-announces-daily-4-hour-power-cuts-amid-drought Venezuela Announces Daily 4-Hour Power Cuts Amid Drought : The Two-Way] {{Webarchive|url=https://web.archive.org/web/20180728191142/https://www.npr.org/sections/thetwo-way/2016/04/22/475250605/venezuela-announces-daily-4-hour-power-cuts-amid-drought |date=28 July 2018}}. NPR (22 April 2016). Retrieved on 15 June 2016.</ref> and reduced the government [[workweek]] to only Monday and Tuesday.<ref>[https://www.npr.org/sections/thetwo-way/2016/04/27/475859770/venezuela-cuts-public-employees-work-week-to-2-days-to-save-energy Venezuela Cuts Public Employees' Workweek To 2 Days To Save Energy : The Two-Way] {{Webarchive|url=https://web.archive.org/web/20180728191132/https://www.npr.org/sections/thetwo-way/2016/04/27/475859770/venezuela-cuts-public-employees-work-week-to-2-days-to-save-energy |date=28 July 2018}}. NPR (27 April 2016). Retrieved on 15 June 2016.</ref> A multi-university study found that, in 2016 alone, about 75% of Venezuelans lost weight due to hunger, with the average losing about 8.6&nbsp;kg (19&nbsp;lbs) due to the lack of food.<ref name="UPIfeb17">{{cite news|last1=Pestano|first1=Andrew V.|title=Venezuela: 75% of population lost 19 pounds amid crisis|url=http://www.upi.com/Top_News/World-News/2017/02/19/Venezuela-75-of-population-lost-19-pounds-amid-crisis/2441487523377/|access-date=21 February 2017|work=[[UPI]]|date=19 February 2017|archive-date=10 May 2019|archive-url=https://web.archive.org/web/20190510154807/https://www.upi.com/Top_News/World-News/2017/02/19/Venezuela-75-of-population-lost-19-pounds-amid-crisis/2441487523377/|url-status=live}}</ref> In March 2017, Venezuela began having shortages of gasoline in some regions.<ref name="EImar17">{{cite news |last1=Suarez |first1=Roberth |title=Fotos: Escasez de gasolina se agudiza en Barquisimeto |url=http://www.elimpulso.com/noticias/regionales/fotos-escasez-gasolina-se-agudiza-barquisimeto |access-date=23 March 2017 |work=[[El Impulso (Venezuela)|El Impulso]] |date=22 March 2017 |language=es |archive-date=22 March 2017 |archive-url=https://web.archive.org/web/20170322135439/http://www.elimpulso.com/noticias/regionales/fotos-escasez-gasolina-se-agudiza-barquisimeto |url-status=live}}</ref>

=== Petroleum and other resources ===
{{See also|History of the Venezuelan oil industry|Energy policy of Venezuela}}
[[File:Venezuela's exports of crude oil, January 2018-December 2019.png|thumb|Venezuela's exports of crude oil from January 2018 to December 2019<ref name=EIA-VEN>{{Cite web|date=30 November 2020|title=Venezuela – U.S. Energy Information Administration (EIA)|url=https://www.eia.gov/international/analysis/country/VEN|access-date=25 February 2022|website=www.eia.gov|archive-date=20 February 2022|archive-url=https://web.archive.org/web/20220220233751/https://www.eia.gov/international/analysis/country/VEN|url-status=live}}</ref>]]

Venezuela has the largest oil reserves, and the eighth largest natural gas reserves in the world.<ref>{{cite web |url=http://eia.gov/country/country_energy_data.cfm?fips=VE |title=Venezuela Energy Profile |access-date=15 December 2010 |url-status=dead |archive-url=https://web.archive.org/web/20101215105626/http://eia.gov/country/country_energy_data.cfm?fips=VE |archive-date=15 December 2010}}, [[Energy Information Administration]]. Last Update: 30 June 2010.</ref> Compared to the preceding year another 40.4% in crude oil reserves were proven in 2010, allowing Venezuela to surpass Saudi Arabia as the country with the largest reserves of this type.<ref>[http://www.marketwatch.com/story/venezuela-oil-reserves-topped-saudis-in-2010opec-2011-07-18 Venezuela oil reserves topped Saudis in 2010:OPEC] {{Webarchive|url=https://web.archive.org/web/20171012091240/http://www.marketwatch.com/story/venezuela-oil-reserves-topped-saudis-in-2010opec-2011-07-18 |date=12 October 2017}}. Market Watch. 18 July 2011</ref> The country's main petroleum deposits are located around and beneath Lake Maracaibo, the Gulf of Venezuela (both in [[Zulia State|Zulia]]), and in the Orinoco River basin ([[Orinoco#Eastern Venezuelan basin|eastern Venezuela]]), where the country's largest reserve is located. Besides the largest conventional oil reserves and the second-largest natural gas reserves in the Western Hemisphere,<ref name="bbc">{{cite news | publisher = BBC |url = http://news.bbc.co.uk/2/hi/americas/4692534.stm |title = Venezuela: Energy overview |date = 16 February 2006 | access-date = 10 July 2007 |archive-date = 12 October 2017 |archive-url = https://web.archive.org/web/20171012121804/http://news.bbc.co.uk/2/hi/americas/4692534.stm |url-status = live}}</ref> Venezuela has non-conventional oil deposits ([[Heavy crude oil|extra-heavy crude oil]], [[bitumen]] and [[tar sands]]) approximately equal to the world's reserves of conventional oil.<ref name="wec">{{cite web | publisher = World Energy Council |url = http://www.worldenergy.org/wec-geis/publications/default/tech_papers/17th_congress/3_1_04.asp |archive-url = https://web.archive.org/web/20070402100135/http://www.worldenergy.org/wec-geis/publications/default/tech_papers/17th_congress/3_1_04.asp |archive-date = 2 April 2007 |author = Bauquis, Pierre-René |title = What the future for extra heavy oil and bitumen: the Orinoco case |date = 16 February 2006|access-date = 10 July 2007}}</ref> The [[electricity sector in Venezuela]] is one of the few to rely primarily on [[hydropower]], and includes the Guri Dam, one of the largest in the world.

In the first half of the 20th century, U.S. oil companies were heavily involved in Venezuela, initially interested only in purchasing concessions.{{sfn|Yergin|1991|pp=233–236, 432}} In 1943 a new government introduced a 50/50 split in profits between the government and the oil industry. In 1960, with a newly installed democratic government, Hydrocarbons Minister Juan Pablo Pérez Alfonso led the creation of OPEC, the consortium of oil-producing countries aiming to support the price of oil.{{sfn|Yergin|1991|pp=510–513}}

[[File:Oil Reserves Updated.png|upright=1.35|thumb|A map of world [[oil reserves]] according to OPEC, 2013. Venezuela has the world's largest oil reserves.]]
In 1973, Venezuela voted to nationalize its oil industry outright, effective 1 January 1976, with [[Petróleos de Venezuela]] (PDVSA) taking over and presiding over a number of holding companies; in subsequent years, Venezuela built a vast refining and marketing system in the U.S. and Europe.{{sfn|Yergin|1991|p=767}} In the 1990s PDVSA became more independent from the government and presided over an ''apertura'' (opening) in which it invited in foreign investment. Under Hugo Chávez a 2001 law placed limits on foreign investment. PDVSA played a key role in the December 2002 – February 2003 national strike. As a result of the strike, around 40% of the company's workforce (around 18,000 workers) were dismissed.<ref>{{cite journal|url=http://www.scielo.org.ve/scielo.php?script=sci_arttext&pid=S1012-25082004000200006&lng=es&nrm=iso|title=Venezuela 2001–2004: actores y estrategias|author=López Maya, Margarita|journal=Cuadernos del Cendes|year=2004|volume=21|issue=56|pages=109–132|issn=1012-2508|access-date=3 October 2010|archive-date=17 November 2006|archive-url=https://web.archive.org/web/20061117023037/http://www.scielo.org.ve/scielo.php?script=sci_arttext|url-status=live}}</ref>