Name: Venezuela Is Raising Its Gas Prices
Uploaded: 2016-02-18
Duration: 47 s
Description: For the first time in nearly 20 years

While U. S. gas prices have been falling steeping, Venezuela is hiking the price of gas by a factor of 12. It's Venezuela's first price increase in nearly 20 years. The dramatic increase is one of several steps the government is taking to help its struggling economy including devaluing its currency. President Nicolas Maduro is trying to counter triple digit inflation And a recession sparked by the global drop in oil prices. Because Venezuela is one of the world's biggest oil producers people there have been able to buy gas for the equivalent of about $. 04 per Per gallon. President Maduro calls the price hike a necessary action to balance things. Although, the price of gas there will still be heavily subsidized by the government.