“Premium gasoline in Venezuela costs 5.8 U.S. cents a gallon, using the official exchange rate.  Every day thousands of taxis, buses and motorcycles freshly loaded with gasoline head into Colombia from Venezuela. Once in Colombia, the fuel is siphoned off by freelancers known as pimpineros who pay them about $2 a gallon and resell the gasoline or diesel to Colombians for a few cents more. Under 14 years of rule by the late President Hugo Chávez, Venezuela kept gasoline prices frozen even as rising government spending spurred robust overall inflation. He made himself enormously popular but damaged long-term prospects for Venezuela’s economy.”

http://online.wsj.com/article/SB10001424127887324000704578386771059515346.html

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