The Oil Industry in Venezuela

The petroleum sector dominates the Venezuela's mixed economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government revenues. The oil sector operates through the government-owned Petroleos de Venezuela (PDVSA), which among other things owns the US-based distributor CITGO and its more than 14,000 retail gasoline outlets. In spite of the political differences, Venezuela is still the 4th largest supplier of petroleum to the United States. When used for domestic consumption, Venezuela subsidizes its gasoline prices where at ~12 cents (US)/gallon, it often ranks as having the lowest gas prices in the world.