Take a look at Venezuela Venezuela is probably one of the worst places in the world to live in currently. People are virtually struggling to afford basic things like food, water, medicine - name it. For a nation that is rich in oil, and has the largest proven oil reserves in the world, it's quite unfortunate that this oil has turned out to be more of a curse than a blessing to the country. With a close look we can trace the Venezuelan crisis to oil; perhaps the nation's over reliance on oil revenue. Because of the oil Venezuela has, they didn't bother to produce anything else or develop other sectors of their economy. The economy is totally dependent on oil exports as 95% of government revenue is derived from oil. Venezuela sells oil to other countries, and with the dollars it earns, imports all goods the country needs for sustenance. With the fall in oil prices by 2014, the import-dependent Venezuelan economy suffered a great deal because there was shortage of foreign cu...