Wednesday, May 28, 2008

Venezuelans shielded from rising gas prices

Rising oil prices are causing grief to motorists across the world, except in Venezuela, where domestic supply and state subsidies mean filling up the tank costs less than a bottle of mineral water. 'We have got used to free-flowing gasoline. In Venezuela, it's the price of milk and flour that is going up, not gas,' said Leandro Otero, a taxi driver in Caracas, after spending three bolivars (about one US dollar) filling up. The minimum monthly wage in Venezuela is 800 bolivars, or about 370 US dollars, and a liter of gas costs 0.1 bolivars (four US cents) -- making it virtually free. Low prices have fueled the oil addiction of residents of this country, the largest crude oil producer in Latin America, and they are quick to protest against any attempts to change the situation.

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