Following two and a half months of recuperation, Marinez came back to Maracaibo, "without any money in my pockets Buy OSRS Gold," he said. He tried to find work but was unable to find one in the market for jobs destroyed by the pandemic--and a yearslong economic downturn.
Ten years before, Venezuela, a petrostate under the presidency of Hugo Chavez, witnessed a decline in oil prices. As of 2017, the cost of a barrel dropped to just $50 from a peak of over $100 while there was a resurgence in sanctions against Venezuela. U.S. instituted wide-ranging sanctions against the authoritarian Venezuelan government.
"When oil prices began to fall then there was no cash to purchase goods from abroad," said Alejandro Velasco, an associate professor at New York University who specializes in Venezuelan political issues, in an interview on the phone. "As an outcome there was no money in the real world to keep the economy running."
Venezuela's budget was already depleted after it spent its largest recent oil wealth on social services like subsidized medical and food services rs gold 2007, as well as literacy programmes. Chavez has also removed perceived dissenters from the oil industry after an attempted military coup, which affected production.