Where Does Venezuelan Energy Crisis Come From?

There are more and more news courtesy of El Venezolano about energy crisis in Venezuela. Many businesses as well as government offices shut down for much of the week, while the country’s residents face daily blackouts.

Many are surprised. After all, this South American country has lots of oil. Sure, economic mismanagement by its incompetent and freely spending Socialist leaders has led to that. But, there’s more to it: Venezuela made a wrong bet in the past.

In an interesting Wired Magazine article, a good point is made. Venezuela has relied too much on renewable energy. The country actually ended up relying on a single dam for much of its electricity. Now, due to a drought, the reservoir is at record-low levels.

“We should rely on renewable energy rather than just fossil fuels” says Osio. But, the sources of energy need to be diversified. When a big country like Venezuela relies so much on a single source, the problems are bound to happen, sooner or later.