Why Have Gasoline Prices Risen Lately?

If you wonder why prices at the gas pump have been climbing recently and are expected to continue to climb, look no further than the sharp drop in crude oil production in Venezuela, the Saudi Arabia of the Americas.
Counting its huge tar-sands deposits, Venezuela has more crude oil than any other country in the world. Nevertheless, oil output in that failed socialist state has fallen to its lowest level in nearly 30 years, largely because of mismanagement and corruption. The production collapse there coincides with announcements by Saudi Arabia and Russia of coordinated efforts to bolster world oil prices, which

Read more at The Independent Institute