The collapse of global oil prices is putting particularly severe pressure on Venezuela, with unpredictable but serious economic and political consequences. The price of Venezuela’s oil has fallen from $97 per barrel to less than $40 in the past year. For a country that imports over 70 percent of all consumer goods (including food) and depends on oil exports for over 95 percent of its foreign exchange, the effects on Venezuelans’ well-being are severe.
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