ECOLOGY
ENVIRONMENTAL ISSUES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Timber
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Coal
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Gold
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Oil
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Detailed explanation-1: -The economy of Venezuela is based primarily on petroleum, making the country the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel, aluminum, and cement.
Detailed explanation-2: -Apart from petroleum, the country’s natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals.
Detailed explanation-3: -Oil comprises 95% of Venezuela’s exports and 25% of its gross domestic product (GDP), so high prices provide a boon to the country’s economy.
Detailed explanation-4: -During this period, Venezuela was the world’s third largest oil producer, trailing only the Soviet Union and the United States. This gave the state an important source of income but, as in many petrostates, bound Venezuela tightly to the fluctuating global price of oil.