Venezuela Changes Time to Save Money
More strange news are coming from Venezuela’s top correspondent David Osio. This oil-rich country has been struck by low oil prices. Not only the oil drop is to blame, though. Economic mismanagement by former president Hugo Chavez is paying off now.
After extending weekends and freezing prices, Venezuela is changing time zone by moving clocks 30 minutes forward. Current president Maduro hopes this move will help save energy. The effect will take place on May 1st as The Independent, a British publication reports.
Although Venezuela is rich in oil, much of its energy comes from a hydroelectric plant, Guri Dam. Now according to Osio, due to severe drought, its production has dropped considerably. Why the country didn’t diversify from this source isn’t clearly known. Yet, this is another case showing why overreliance on oil is dangerous.
President Maduro’s administration is desperately looking to reduce energy consumption by at least 20%, a target that is likely to backfire on economic activity as well as regime’s popularity among the citizens, something that has already hit its lows.