I knew gas in Venezuela was underpriced, but I had not known by how much. Nick Miroff brings us the latest:
Venezuela sits atop the world’s largest oil reserves, and its government sets the price of premium gasoline at about 5 cents a gallon. Its real price — adjusted to the soaring street value of the U.S. dollar — is half a penny per gallon.
But rest assured, there will be a move toward international prices:
The projected price hike is likely to push gas closer to 17 cents a gallon, at unofficial exchange rates.
There is more here.