Venezuela to plunge into mass social unrest if oil prices stay low, warn analysts

‘For countries that depend primarily on oil revenues to fund government services, hard times are upon them. And they are likely to continue, analysts say.

That’s because oil prices have collapsed, thanks to several different factors, and while that is good news for consumers, truckers, airlines and other industries that rely on oil products to produce goods and services, it’s bad for the producers of oil, and for nations that depend on oil sales to fund everything from social service and welfare programs to defense.

Venezuela is one such country. Already mired in deep depression thanks to the government’s socialist policies, the South American nation cannot take a loss of oil revenue without suffering mass unrest, say analysts who have been monitoring that country and others dependent on the “black gold” for most of their revenue.’

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