Condoms for Sale, Just $755: Venezuela’s Economy Takes Big Hit From Falling Oil Prices
Venezuela's economy is teetering on the edge of catastrophe because of plummeting oil prices, affecting day-to-day life on many levels.
Shutterstock
According to recent reports, Venezuela’s economy is teetering on the edge of catastrophe because of the plummeting price of oil. Venezuela’s oil exporting business makes up 95% of the country’s export revenue, and the recent price plunge is affecting day-to-day life on many levels.
Various items such as contraceptives have reached such extreme levels of scarcity that a pack of 36 condoms, when found, can cost up to $755, according to Vice:
The economics behind this situation are pretty simple: A drop in export revenue means that the government has less money to spend on imports and social services. “Instead of cutting social spending,” Bloomberg reported today, “Maduro has responded to lower revenue by slashing imports.”
Venezuela now has an inflation rate of above 50 percent, and in Caracas, a box of tampons costs $17; a two-liter of Coke is $7. And that’s if you happen to catch a store when its shelves aren’t empty. For its part, the government is blaming private business owners for the shortages of goods, reported VICE News today—the country’s intelligence agency even arrested several pharmacy executives “on allegations that they had conspired to create the spectacle of hundreds of people lining up for scarce goods to embarrass his administration and foster a counterrevolution.”
Further complicating the situation for Venezuelan women: They cannot legally get abortions in their own country.
— Posted by Donald Kaufman.
WAIT, BEFORE YOU GO…If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Military
Conservative lawmakers calling for cuts should start with the agency that can’t account for $1.9 trillion — not the programs Americans rely on.
Military
It's not enough for Washington to urge talks from behind the scenes, while insisting in public that only Kyiv can negotiate.
Women
It takes effort to track the impacts of mass mobilizations like #MeToo, Occupy or Black Lives Matter, but understanding social change is impossible without such work.
Opinion
The media establishment finds itself heaping praise upon the "noted statesman" despite his enduring legacy as an indefatigable war criminal.
Environment
"It's like the tobacco companies that knew the addictive and lethal nature of cigarettes yet continued to get millions of teenagers hooked on them," said one African critic.
Wounds of War
In Israel/Palestine and armed conflicts around the world, it's time to change the status quo of militarism and violence.
There are currently no responses to this article.
Be the first to respond.