Although Hugo Chavez has died, Venezuelans are likely to still enjoy gasoline for pennies per gallon – if not for even less.
The people of Venezuela have long been used to low-priced gas that is heavily subsidized by the state, viewing it as a birthright as a citizen of an oil-rich nation. That is not likely to change as Chavez’s chosen successor, vice president Nicolas Maduro, takes the reins before an election to decide the next president, experts say.
At the end of January, the price for one gallon of regular gas was four cents, according to research firm Airinc. Compare that to the January U.S. average of $3.32 per gallon.
Fadel Gheit, a senior energy analyst at Oppenheimer & Co., said Venezuelans may see gas drop even lower as the new leader seeks to win over the support of the country and its people during a complicated transition period.