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Venezuela now has the cheapest gasoline in the world.
Smugglers float barges loaded with gas...and drive tanker trucks sloshing with petrol to Colombia...where they can sell gasoline for 65x the cost...a mere $.02/liter!
So...despite mammoth reserves...Caracas must import gasoline from the USA to fuel cars.
This is the Hugo Chavez petrol paradox.
His 12 years of ignoring refinery upgrades...coupled with a steadfast refusal to increase the gasoline price...has saddled Venezuela with a severe petrol scarcity.
Proposals are being bandied about to fix the situation...including a petrol usage computer chip.
But...not seriously discussed during this presidential election year...is raising the price of gasoline.
