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  • Within two years, Marinez came back to Maracaibo, "without any money in my pockets Cheap OSRS Gold," he said. He tried to find work but was unable to find one in the job market that was destroyed by the pandemic--and a yearslong economic recession.

    Ten years earlier, Venezuela, a petrostate under the administration of Hugo Chavez, witnessed a decline in oil prices. As of 2017, the cost of a barrel plummeted up to nearly $50 from a high that was more than $100 as well as the U.S. instituted wide-ranging sanctions against Venezuela's authoritarian government.

    "When oil prices started to drop in the early 2000s, there was not enough cash to purchase goods from abroad," said Alejandro Velasco who is who is a professor at New York University who specializes in Venezuelan politics, in an interview by phone. "As an outcome the country was left with no money in the real world to keep the economy running."

    Venezuela's coffers were empty following the spending of its most recent oil profits on social programs like subsidised healthcare, food, and literacy programs. Chavez was also known to have removed perceived dissenters from the oil industry after an attempted military coup affecting production.

    and widespread corruption in the government further damaged the economy rs gold 2007, according to Paul Angelo, a fellow at the Council for Foreign Relations who is a specialist on Latin American politics.