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Despite having the largest oil reserves in the world, Venezuela has experienced fuel shortages several times throughout its history due to both economic and political reasons.[1] In 1960, the Organization of the Petroleum Exporting Countries (OPEC) was established, which included Venezuela along with several other countries. The general strike of 2002–2003 resulted in the stoppage of the oil industry, which caused fuel shortages domestically.[2] Nicolás Maduro became president in 2013 and, after a collapse in global oil prices in 2014, the country experienced chronic gasoline shortages.[3]
Long lines of cars at gas stations on December 10, 2002.
General strike of 2002–2003
The general strike of 2002–2003, aimed at asking for Hugo Chávez's resignation, resulted in the stoppage of the oil industry, particularly the state oil company Petróleos de Venezuela (PDVSA), which caused significant fuel shortages domestically. Chávez became president in 1998 and promised Venezuelans that he would address the economic issues related to the decline of oil prices. He wanted to increase the PDVSA's income in order to finance his own social programs. Chávez also appointed several of his own staff members, many of whom had limited knowledge of the oil industry.[2]
Unlike the previous strikes, this oil strike included not only the PDVSA management but also substantial parts of its operational staff, including virtually all of its marine flotilla captains. Within days the company was paralyzed. Petroleum production soon fell to one-third normal; Venezuela had to begin importing oil; domestically, gasoline for cars became virtually unobtainable, with many filling stations closed and long queues at others.[4] Many privately owned businesses closed or went on short time, some out of sympathy for the strike, others because of the fuel shortage and economic paralysis. As long waits for gasoline became common, airlines cancelled many domestic flights, banks limited their opening hours, and many shops were shut despite it being peak Christmas shopping season.[5]
Venezuelan gas station after the strike of 2002-2003.
By the time of the 11th anniversary of the February 1992 Venezuelan coup attempt, the strike was virtually over outside the oil industry.[6] The government gradually reestablished control over PDVSA; oil production reached pre-strike levels by April 2003.[7] Despite the revival, the event caused weakening in the PDVSA.[8] Following the strike, around 18,000 employees who participated were fired.[3] The shortages caused by the strike led to the establishment of regulations on the exchange of currency.[1]
Nicolás Maduro after assuming the Presidency following the death of Hugo Chávez.
After the death of Hugo Chávez and during Nicolás Maduro's administration, by 2014, gasoline started being rationed allegedly because subsidized Venezuelan gasoline was being smuggled to Colombia, where it was sold for a higher price.[9] The fall of oil prices in 2014 inspired policy revisions within OPEC, causing a crash in the exchange rate between the dollar and the Bolivar and a fall in production of gas.[10] In March 2017, despite having the largest oil reserves in the world, some regions of Venezuela began having shortages of gasoline with reports that fuel imports had begun.[11] By early 2018, gasoline shortages began to spread, with hundreds of drivers in some regions waiting in lines to fill their tanks, sleeping overnight in their vehicles during the process.[12]
Due to the country's high dependance on oil revenue, this crash led to a crisis characterized by massive drops in salaries and goods shortages. This trend in dependence is referred to as the "Dutch disease," describing the economic fluctuations that result from reliance on a single source of income. Additionally, the high prices of oil preceding this fall allowed the Venezuelan government to raise spending on public and social services, which has created significant debt since 2014.[1]
A graph of Venezuelas crude oil production from 2000 to 2018
According to the OPEC, while in 2013 2.6million oil barrels were processed in Venezuela daily, the production fell to only 1.1million daily barrels in November 2018, half of the production in 2013. In 2021, production had continued to decrease to only 527 thousand barrels daily.[13] Most of these exports were destined to external debts payments;[14] according to economist Ramón Key, the situation directly affects state finances, which does not have enough cash flow to recover the production, to meet its obligations and to invest in the industry maintenance.[15] The decrease of oil production also causes the collapse of refineries: in 2018, of a capacity of 1.6million daily barrels, the facilities only produced 20% of their capacity.[16]
Caracas' fuel supply is processed in the Paraguaná Refinery Complex, Falcón state, and later transported in boats to the Carenero distribution plant, Miranda state. Once stored, the fuel is sent through a poliducto to a distribution plant in Guatire, which is finally distributed to gas stations in Caracas.[14]
However, in late 2018, two explosions were reported in the Guatire plant. Gas station employees interviewed by Efecto Cocuyo affirmed that the supply shortages are caused by fires in the Guatire facilities, and in response tank trucks are redirected from the Anzoátegui and Carabobo states. Each gas station needs at least a daily charge to have enough fuel to operate, but some trucks do not arrive with said frequency.[14]
↑One third normal: McCaughan, p 126; gas shortages: López Maya, p 18. According to a previous version of this article, Venezuela's normal production of oil and oil derivatives before the strike was 2,800,000 barrels (450,000m3) per day
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