As Costa Rica debates the pros and cons of joining the Venezuelan oil financing program Petrocaribe, energy experts meeting in Washington warned that countries already addicted to Petrocaribe’s cheap oil could face catastrophe if the Venezuelan economy under President Nicolás Maduro implodes.
President Luis Guillermo Solís tried to walk a fine line between the economic and political implications of joining the Venezuelan-led Petrocaribe oil-buying scheme, which some lawmakers have advocated as a solution to curb Costa Rica’s rising gasoline prices, during a press conference Tuesday.
As Costa Rica’s gasoline prices reach record highs, politicians are scrambling to find a way to curb costs at the pump. Members of the leftist Broad Front Party think the answer lies in a Venezuelan oil-sharing scheme, Petrocaribe.
