For years, socialist president of Venezuela Hugo Chavez, led the country as a dramatic presence. Three years after his death, Venezuela is spiraling downward. It’s economy depended mostly on oil, and with the crash in oil prices there are rolling power blackouts and food shortages. The government can’t pay to import goods, so many grocery shelves are empty, leaving hungry citizens to resort to looting. Venezuela’s president, Nicolás Maduro, has refused to allow a recall referendum against him and the country is becoming politically unstable. Listen to hear more about the crisis in Venezuela.
Story Length: 3:16
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March 21, 2016
3:52
Falling oil prices typically help the global economy. Consumers have more money if they aren’t paying as much for gas, so they spend money on other things which stimulates the economy. Falling oil prices should also mean oil producers are making less money. But this isn’t necessarily true today. Some countries have built up reserves when oil prices were high, to minimize the effect of lower prices. Other countries are experiencing high inflation and economic damage from lower oil prices, subtracting from global growth. Listen to hear more about the effects of cheap oil today.
Read MoreDecember 17, 2014
3:52
While Americans are enjoying low gas prices, oil producing nations are feeling the squeeze as the value of their biggest commodity continues to decline. Why is the price of oil dropping and who is it impacting? Listen to learn more about the international consequences of low oil prices and the interconnectedness of the international economy.
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