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5,000 Venezuelans Line Up to Buy Oil at 2:00 AM for a Penny a Liter

16-7-2018 < SGT Report 46 289 words
 




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by Mish Shedlock, The Maven:











Thousands of Venezuelans began lining up before dawn Friday outside a Caracas stadium, hoping to get a hold of a prized item: motor oil.













“I got here at 2 a.m.,” said Carolina Estrella, a 32-year-old office manager, in line to purchase 12 liters for her family’s three cars. National guard officers estimated about 5,000 people were in line by 11 a.m.


The two-day-only sale was announced by Venezuela’s state oil giant, Petroleos de Venezuela SA, Thursday and at 300,000 bolivars per liter, the price is a steal compared to the 25 million bolivars ($8) charged for any imported kind at a car shops around Caracas.









There is always a shortage of goods and long lines when government sets a price below market cost.





Read More @ TheMaven.net





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