VENEZUELA Venezuela pushed for an OPEC cut because it badly needs high oil prices to fund its government. The countrys oil production has been steadily declining for years so the combination of lower output and lower prices is already squeezing the nations finances. Venezuelan drivers wont immediately see a difference in price, though, because gasoline is heavily subsidized. Drivers there pay the equivalent of 5 cents a gallon.
Posted on: Sun, 30 Nov 2014 04:49:53 +0000
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