Price controls have emptied stores of most goods, while the world's highest inflation has pushed what is available beyond the means of most Venezuelans. To make ends meet, they exploit the perks of their jobs to trade goods and services informally.
News of the agreement came as Costa Rican and Chinese officials reached consensus Friday on how to move forward with the $1.5 billion project after the Comptroller General’s Office canceled the previous project over a conflict of interest in 2013.
Prices for Venezuela's oil, which accounts for 95 percent of the nation's exports, are tumbling to a four-year low and threatening to choke off the export dollars the country needs to pay its debts.
For 140 years, the Rockefellers were the oil industry's first family, scions of a business empire that spawned companies called Exxon, Mobil, Amoco and Chevron. So it was no trivial matter when a group of Rockefeller heirs decided recently to begin severing financial ties to fossil fuels.
MEXICO CITY – President Enrique Peña Nieto on Monday formally opened Mexico's state-controlled energy industry to private investment, saying the nation will accelerate steps for the first round of private contracts.
President Luis Guillermo SolÃs extended the country’s ban on petroleum exploration and extraction until 2021 as well as creating guidelines for energy efficiency in government agencies.
As Costa Rica’s gasoline prices reach record highs, politicians are scrambling to find a way to curb costs at the pump. Members of the leftist Broad Front Party think the answer lies in a Venezuelan oil-sharing scheme, Petrocaribe.
NEW YORK – A U.S. judge Tuesday upheld Chevron's allegations that an Ecuadoran court decision ordering it to pay $9.5 billion for oil pollution in the Amazon jungle was fraudulently obtained.
WASHINGTON, D. C. – Top U.S. lawmakers from both parties are urging the Obama administration to take a tougher line on Venezuela, which is violently cracking down on popular protests against the government of Nicolás Maduro. For some on Capitol Hill, though, the real target is Cuba.
WASHINGTON, D.C. – As unrest simmers in Caracas, a new crisis has erupted between Venezuela and the United States -- yet another show of tension between two countries nevertheless bound by trade interests.
