Venezuelan President Raises Gas Prices 6,000%

In Venezuela, twitter exploded when President Nicolas Maduro (for more on President Maduro) announced an extreme rise in gas prices on Friday during a lengthy address to the country. During his five hours of televised time, he discussed the state of the economy and this major change, a 6,000% increase in gasoline prices. The is the first rise in prices in 17 years. The last time prices increased, in 1989, there were riots in Venezuela, killing around 3,000 people. The president is aware that the stakes are high but also that the economy is plummeting. He is taking full responsibility for this risky decision. The prices will go from .097 bolivars to 6 bolivars for 95 octane gasoline. This is only a few US cents. Since Venezuela has the largest oil reserves in the world, they are still paying the cheapest prices worldwide. Gasoline remains practically free still in Venezuela.