The Venezuelan economy is melting down, leading to a growing humanitarian crisis . Electricity shortages and a general shortfall in investment are also putting a dent in the country’s oil and refining production. Oil output has declined slowly but steadily for more than a decade. The evaporation of the country’s financial resources has led to a rapid disappearance of influence in the region. Principle to that influence was Venezuela’s Petrocaribe program, which offered allies in Central America and the Caribbean preferential oil deals. In essence, a country like Nicaragua or Guatemala could purchase oil from Venezuela, but only pay for part of that oil upfront, with the rest paid back over an extended period of time – as long as 17 to 25 years. Furthermore, they would only pay a nominal interest rate on this loan, as low as 1 percent. The nearly 20-member program mostly includes […]