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Tag Archives: nicolas maduro

Standoff, dying economy drive Venezuelan crisis

Venezuela

Venezuela is being wracked by an increasingly belligerent standoff between the government and opposition, while many Venezuelans are becoming fed up with a floundering economy marked by long lines for food and the world’s highest inflation. President Nicolas Maduro has declared a state of emergency to let him deal with the economy by decree, but the opposition is vowing to ...

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Cuckoo clocks? Venezuela shifting time hoping to save energy

Cuckoo clocks? Venezuela shifting time hoping to save energy

CARACAS, Venezuela (AP) — Venezuela’s government is changing the clock again as part of its efforts to stave off an electricity crisis. The move comes nine years after former President Hugo Chavez created Venezuela’s own, unique time zone in a stroke of anti-imperialist independence. President Nicolas Maduro said Thursday that the new change will take effect May 1. He didn’t ...

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Power to the people: Venezuela calls holiday to save energy

CARACAS, Venezuela (AP) — President Nicolas Maduro has a new strategy to stave off a major power crisis for Venezuela: a weeklong holiday for all workers. The extended furlough adding three days to next week’s Easter holiday was announced in the official gazette Tuesday. It came a day after the country’s electricity minister warned that the water level at Simon ...

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Economically struggling Venezuela hikes gas prices, devalues

An old oil well pump jack in Venezuela. (Image: Beatrice Murch via Flickr)

CARACAS, Venezuela (AP) — President Nicolas Maduro announced a currency devaluation and gasoline price hike Wednesday in an attempt to shield Venezuela’s oil-dependent economy from collapse and fend off mounting calls for his ouster. Gas prices will jump more than sixtyfold — the first increase of any kind in about 20 years. Yet drivers will still be able to fill ...

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Venezuela to announce change in fuel policy ‘soon’

CARACAS, Feb 13 – Venezuela will announce a change of policy soon on gasoline, the finance minister said in an interview broadcast on Friday, signaling the OPEC nation is moving ahead with along-awaited hike in the world’s cheapest fuel. Gasoline is so heavily subsidized in Venezuela that one U.S. cent buys about 5 gallons, costing the government as much as ...

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China grants $5.3 billion credit line to Ecuador

BOGOTA, Jan 6 – China has granted a $5.3 billion credit line to Ecuador as the oil-reliant Andean nation reorganizes its finances after a crash in crude prices slashed export earnings, Ecuador’s official newspaper reported on Tuesday. Ecuadorean Finance Minister Fausto Herrera said the government would tap $1.5 billion this year of the 30-year credit, which carries a 2 percent ...

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Venezuela wants to expand oil diplomacy despite falling prices

HAVANA – Venezuelan President Nicolas Maduro told leftist allies from Latin America on Sunday he wanted to expand the Petrocaribe program of providing oil at preferential terms, even as falling oil prices add more stress to the Venezuelan economy. Speaking in Cuba at a summit of the leftist ALBA bloc of nine countries from Latin America and the Caribbean, Maduro ...

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Venezuela in dilemma over hiking world’s cheapest fuel

Diego Ore | Reuters CARACAS – President Nicolas Maduro is mulling a politically risky move to raise highly subsidized gasoline prices in Venezuela for the first time in 17 years, but may be put off for now by fears of a social backlash. With 95 octane gas on sale for less than two U.S. cents a liter most motorists can ...

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