5,000 Venezuelans Line Up to Buy Oil at 2:00 AM for a Penny a Liter

Venezuelans started lining up at 2:00 AM for essentially free motor oil. By 11:00 AM the line was estimated at 5,000.

Thousands of Venezuelans began lining up before dawn Friday outside a Caracas stadium, hoping to get a hold of a prized item: motor oil.

“I got here at 2 a.m.,” said Carolina Estrella, a 32-year-old office manager, in line to purchase 12 liters for her family’s three cars. National guard officers estimated about 5,000 people were in line by 11 a.m.

The two-day-only sale was announced by Venezuela’s state oil giant, Petroleos de Venezuela SA, Thursday and at 300,000 bolivars per liter, the price is a steal compared to the 25 million bolivars ($8) charged for any imported kind at a car shops around Caracas.

There is always a shortage of goods and long lines when government sets a price below market cost.

Socialism has huge costs.

Mike "Mish" Shedlock


Bernie Sanders ~~> notes that Madura won the last election

Kennedy (?) ~~> Robert or retiring Justice Anthony

Sean Penn ~~> denies any involvement, but has tried some of the pot produced in the region. As research for an upcoming role, of course.

Barack “Yes we can” Obama ~~> asks that we give it more time, he’s sure Maduro is what is best for all.

Jimmy Carter ~~> actually served as an unofficial election observer. God help us all if his role had been official

Michael Moore ~~> still too disgusted with them for their role as oil producing nation

Oliver Stone ~~> someone tipped him off that it may have been Maduro, and not Ted Cruz’s father, on the street in Dallas on Nov 22, 1963. Stone is looking into it.


If we pretend to work, how long will the Central Banks pretend the zombie business that employs us is still solvent?


I should mention that the mailman analogy is a poor one, unless your mailman wields tremendous power. It would be like a mailman who delivers only paychecks and bills, but gets to unilaterally decide who receives them, and how much they are. He can play favorites with cronies (Goldman, MS, Citi, etc) and lavish paychecks on friends while throwing all the bills at everyone else.

Oh, and should anyone call this juggernaut mailman's methods into question, he can shield himself from any FOIA requests and be as opaque as he wants. He can create paycheck money out of thin air and never needs to disclose how much money he gives out, when, or why. He's also able to straddle the line between being public or private, using the best of both worlds to protect himself from any criticism or consequences. In other words, every dog in the world would be justified in trying to bite this particular mailman.