Venezuela: Land of 12-Cent Gas

By subsidizing gasoline, Chavez spreads the oil wealth. But the cost of those cheap fill-ups is becoming hard to ignore

Global oil prices zoomed up to $135 a barrel this past week. But that doesn’t worry Roberto Morales, a 33-year-old Venezuelan businessman. Morales, who drives a compact Volkswagen Gol, still pays only $1.32 to fill up his car with 11 gallons of high-octane gasoline, thanks to Venezuela’s subsidized fuel price.

“This is crazy but I’m not complaining,” says Morales. “Gasoline here is cheaper than water.”


He’s not exaggerating. Gasoline prices in Venezuela are the cheapest in the world