Friday July 26, 2019
As tensions in the Persian Gulf are taking up most of the headlines, the Trump administration is still seeking regime change in Venezuela. Since coming into office President Trump has had an aggressive policy towards Venezuela’s President Nicolas Maduro. The Center for Economic Policy and Research determined in April that US sanctions were responsible for 40,000 deaths in Venezuela since 2017.
Well, those sanctions are still in full affect. A report released last month by Torino Economics concluded, "There is no logical reason why Chavez’s irresponsibility, Maduro’s incompetence and US economic sanctions cannot all have contributed to worsening the plight of Venezuelans." Francisco Rodriguez, the economist who prepared the report, is no fan of Maduro. He served as an advisor to Henri Falcon, one of Maduro’s opponents in the 2018 election. Yet Rodriguez still recognizes the damage US sanctions are inflicting.
The report focused on the effect sanctions have had on Venezuela’s oil production. It makes the point that oil production had been slowly declining, but it decreased drastically once the August 2017 sanctions were imposed by the US and when more sanctions were added in January 2019.