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The precipitous drop in the value of the Bolivar means that you can fill your tank for virtually nothing. This has led to some people "smuggling" tanker loads of petrol across the border to sell at international prices. Maduro is about to ration low cost petrol to stop this loss to their economy.

https://www.youtube.com/watch?v=GsB1uOOVGrw

I think its about the only thing thats free there!

Seen the news a few nights back about how the hospitals had next to no nurses or doctors there as their monthly salary was the equivalent of the price of a loaf of bread! A woman was sitting there with a broken leg, who was told it'll be at least 1-2 months for an operation.

If petrol is free i'd be filling my car up and getting out of there as quick as i could!  ;)

poor elon musk the drop in oil prices will become another blowback for his tesla project that has indebted him vastly

the collapse of the venezuelan state will make oil very available worldwide, as people all over the world will get cheap oil from there

What else is cheap in Venezuela? Because am coming there  ::)

everything with fixed boliviar prices, that has been created for the population, like also housing i am afraid, and other things.

I doubt it.

They probably can't even produce enough for their own people.

How can Venezuela afford free petro? Is that related to Petra - the cryptocurrency?

I wouldn't go this far, as I do think that they really do have the ability to produce -- they just have some pretty horrible management problems in their country which is riddled with corruption and is going to lead to them being destroyed from the inside rather than from the outside.

But I do want to point out to OP that it's virtually free for people of Venezuela, and only the people within that country. They can barely afford gasoline anyway and it's pretty useless to them. I've never understood what the longterm goal is in these oil countries -- is it deplete all your resources then watch your country die, because that's what I'm seeing as of right now....

They are far from depleting their natural ressources.

Their problem is that they cant use their natural ressources in the first place and the reason is based on missmanagement and corruption.

Sadly both of it is interconnected and leads to a positive feedback.

Venezuela has the largest proven oil reserves of ALL countries.. yes, including Russia and Saudi Arabia. If they manage to take full advantage of that, oil prices can dramatically change worldwide.

That's why the deep state doesn't allow them to repair their refineries and exploration facilities. Those oil reserves are being saved for the rebuilding of the new world economies after the collapse of the current ones.

Even in nations that highest sources o oil well, petrol is not free not to talk Venezuela. Maybe it is just a consolation for the bad economy. The headline news say Venezuela is in a freefall of economy. If citizens cannot afford basic needs and petrol is free automatically they will want to convert it to money using any available method at least to feed. They need help indeed. It is not funny when you cannot afford to eat.

This also comes along with the personal interests, I agree to the fact that it has something to do in some alternatives when such collapse happens. Manipulation of  the market, could really make Venezuela a good business out of it. Moreover a lot of elites would really take benefit from it.

That's what Maduro and Chaves said, however that's not for sure, as no agency was able to verify that.

They really have great reserves, but bigger than Saudi Arabia? I doubt that.

Also , their oil is low quality. Heavy and not fit for diesel.

Forbes
https://www.forbes.com/sites/rrapier/2016/07/01/venezuelas-oil-reserves-are-probably-vastly-overstated/#39a84e624497



Gas is cheap that not only because Bolivar is undervalued, but because of subsidies.
Electricity and gas there are subsided, that's why it's good to mine there.

Everything else that is  not subsidized is very expensive, or unavailable.

Do you know why they have toilet paper shortage there? Because the price was fixed by the government, so capitalists could not explore the people. So nobody is producing it. Not only toilet paper, but many other items....

The situation is pretty dramatic there i think normal people dont giva fu ::)k about petrol when they dont have anything to eat ,im sure someone will make a profit off it they say it crashed to a new 30year low of 1.5 million barrels a day in June

venezuela = socialism = fail,

the fact that venezuelans are now,

1. sacrificing their socialist worker build infrastructure to mine bitcoin

and

2. sell of their socialist provided oil.

will lead to utter destruction of that country.

foreigners might soon have to colonialise that country again like several hundred years ago with a bunch of savages left there.

Reserves of oil in Venezuela quantitatively exceed the reserves of other countries, that`s true. They constitute 17.5% of the world's oil reserves. However, the quality of oil is far from the best because of the high sulfur content and density. Revenues from exports are declining, as a consequence, the level of oil production is falling. Therefore, I don`t think that oil will become a salvation for Venezuelans and the basis for creating a new economy. I think that the government of the country should also bet on other types of extractive industry: there are large deposits of iron ore, bauxite and coal in the country.

It is terrible to live in Venezuela right now. From what I've read in the news, a lot of their citizens want to get out of the country because of the corruption in their country. Well, maybe having blockchain implemented can make their government be more transparent and avoid corruption. But I guess if the corrupt leaders know about this, they would do their best to not adopt it.

no they cant, maduro runs a pyramid system, he has to feed his small army and police first that surpresses the rest of the population.

this privileging of the army over others is what makes people thing "corruption" is happening

By the way, I saw a news from the site where they are going to pump oil. there is nothing there. And the infrastructure costs much higher than gov can afford. I think there are much things to think about investing in El Petro...

I'm not technically aware of the quality of their oil, but I know that it costs too much to build the infrastructure. Many countries invite huge companies to invest in their petrol sector and they benefit from new techs, infrastructure etc. However, I don't think that Maduro will allow foreigners inside. This means that they have low chances to develop something as they are lack in funds.

HAHAHAHA!!  :D

It's like a roach motel.

You can check in but you can't check out.

Oil is not important to this country. Their oil will become worthless if it is not sold to the world. This is a tragic country, and the vicious cycle of the long-term financial crisis is very bad. There doesn't seem to be any way to solve it.