CARACAS, Venezuela (AP) – The falling oil prices that are providing relief to drivers around the world threaten to bring more misery to the life of Milagro Alvarez and millions of other Venezuelans, whose country depends almost exclusively on oil revenue.
The math teacher has been getting up before dawn each day and rushing out to hunt for disposable diapers, one of scores of products that have been in short supply due to price restrictions and currency controls put in place by the socialist government long before the slide in petroleum prices.
“The government says we’re a rich country, so why do we have to stand in line and beg to buy diapers?” said Alvarez, standing under a pink umbrella to protect herself and her 5-month-old daughter Annabeth from the blazing sun after three hours queued up in front of a Farmatodo store.
Now Venezuela is suddenly a lot less rich, and many fear those lines will just get longer.
The country with the world’s largest oil reserves was struggling to keep shelves filled even when crude was selling for $100 a barrel or more. Now prices for benchmark Brent crude have fallen $28 in the past four months, to $86, the result of too much supply and weaker global demand.