Socialism is causing Venezuela – with the world’s largest oil reserves -- to run out of gasoline

The popularity of socialism on America’s campuses and among a substantial fraction of Democrats defies the evidence of a natural experiment taking place in Venezuela, just across the Gulf of Mexico from America. Venezuelans already are starving due to socialism’s perversion of incentives. Food producers can’t make money under the price controls, expropriations and regulation of the socialists of Chavez and his successor Maduro, so they don’t produce food, and people must flee by the millions in order to stay alive. Venezuelan refugees in Colombia (photo credit: Daniel Cima) Now, the same process of perverse incentives is shutting down the very resource that made Venezuela the richest country in Latin American before socialism ruined it.  Fabiola Zerpa of Bloomberg reports: Venezuela’s fuel shortages are worsening as mass resignations at the state oil company’s tanker fleet have delayed gasoline shipments. Petroleos...(Read Full Post)
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