by Michael S. Rozeff, Lew Rockwell:
It’s probably Milton Friedman’s most famous saying: “Put government in charge of the Sahara desert and in five years you’ll have a shortage of sand.”
What sand is to the Sahara, petroleum is to Venezuela. Venezuela has the largest oil reserves in the world. More even than Saudi Arabia. It has proved reserves of 297 billion barrels.
But now Venezuela, an oil exporter for almost a century, can’t even meet its domestic oil needs.
Venezuela has begun importing oil.
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