Venezuela's Gas Crisis: A Brewing Election Issue

Griselda Ascanio deals with gas-supply interruptions in Venezuela amidst the nation's dwindling gas output. As the country faces economic woes and sanctions, upcoming elections could pivot on plans to revive the gas industry. Both President Maduro and opposition propose reforms, but investment challenges persist.

Griselda Ascanio keeps an improvised wood-burning stove ready in her backyard in Maracay, 120 kilometers from Venezuela's capital, for frequent gas-supply interruptions that make it difficult to cook.

"We cannot just cry about it," said the 44-year-old administrator, who collects branches that fall from trees. "So we have learned to solve problems ourselves." Venezuela's output fell to 4 billion cubic feet per day (bcfd) this year from almost 8 bcfd in 2016, indicating a steep decline in production, according to consultancy Gas Energy Latin America.

A production revival would not only assure more reliable domestic supply, but also ease shortages in neighboring countries and bring much-needed hard-currency revenue. The gas problem is crucial as the presidential election approaches on July 28. President Nicolas Maduro's administration has offered multiple gas projects to foreign companies, but longstanding unpaid debts and U.S. sanctions have hindered progress.