Just to be clear I wasn't looking for a intellectually lazy answer.
I take the time and effort to thoroughly research the issues that are discussed on this forum so its the least you could do to do the same
Oil prices are a side note to Venezuela's substantial problems
Chavez and his idiot Socialist central planners mismanaged every industry they appropriated including Venezuela's oil industry.
When idiot leftist who have no concept of market principles or how to run a profitable and productive bussiness steal private property and industry and chase off the people who know what they're doing its only a matter of time before that bussiness is stripped down to nothing and run into the ground
While driving other economic sectors into the ground through mismanagement, corruption and neglect the Venezuelan Govt foolishly decided to structure their economy around a single volatile commodity
Venezuela's socialist central planners never made any attempt to diversify their economy away from oil and grow other sectors which would include manufacturing and agriculture
So, Venezuela became heavily dependent on imports for basic goods and food. Venezuela has to import COFFEE .....Lol
Whats worse is when Oil prices fell the Venezuelan Govt thought it would be a great idea to print money for profit as a way to make up for lost revenue
Its called " Seigniorage " and its the profit a sovereign nation recieves when the cost to print and mint is less that the face vale of the new currency
No Nation does this to any extent because its a dangerous and moronic way to create revenue, so who in their right mind would be STUPID enough to try it ?
Venezuela's Socialist Govt thats who. Venezuela has biblical shortages because importers dont want to be paid with worthless Bolivars.
They burned their creditors and now there are even foreign airlines that wont fly their anymore because they lose money every flight.
Venezuela would keep printing too if they could, problem is they can't even pay for the paper the Bolivar is printed on