One of the major events taking place right now in the Western Hemisphere is the death of Venezuelan President Hugo Chávez and the subsequent transition to a new leader. The leader died March 5th due to complications from cancer that he had been battling the past few years. His death left behind a bitterly divided nation on the brink of a political crisis, with doubts of the economic future of his socialist revolution.
Two developing countries are taking a turn to produce more oil and gain a bigger stake in the oil industry. Both Columbia and Venezuela hope to double oil production in upcoming years. Columbia hopes to reach 1.2 million barrels a day by the end of 2012 and Venezuela plans to increase oil production from the current 3 million barrels per day to 6 million barrels by 2016. If these numbers hold true it looks like both countries will become imperative to the oil industry.
How can a used car be worth more than a new car? How can a car increase in value the second it is driven off the lot? The answer is that these events only happen in Venezuela. The UICIFD Blog recently had a post about this strange phenomenon in the Venezuelan car industry.
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