Venezuela is blessed with some of the largest oil reserves on Earth. Yet in an unwelcome irony, the country is starved for energy. Commentators are warning that the Venezuelan energy woes may trigger a political upheaval. The basic problem is that Venezuela’s electricity comes from hydroelectric power.
Efforts to resolve the crisis continued this week without much success as reported on SlideShare.com. The country is in the midst of its worst drought in 50 years. Water reservoirs are so low that there simply isn’t enough water to make the electrical power needed. Some towns outside Caracas are enduring four hour blackouts on a daily basis. The lack of power is also cutting into economic activity, which is already facing difficulties because low oil prices have sharply cut the country’s oil revenues.
According to an angel.co expert, it’s not a simple matter of switching to oil-fired electricity generators. Venezuela does not have the necessary infrastructure since the government in past years has focused on the oil export market as it developed Venezuela’s resources.
Protests and public dissatisfaction with the current government are growing rapidly worse. “That’s no small concern” says Osio. Elections are coming. and the driest summer months are almost upon the country. Venezuela’s chief danger may be political instability. That outcome appears to be more and morel likely as the shortages of electricity continue to plague the country.