Venezuela looks to petrodollars to bring down pricesListen to this articleVenezuela has more proven oil reserves than any other nation on Earth. The dollars were injected into the domestic foreign exchange market to narrow a growing gap between the formal and informal rates, blamed for fast-rising inflation. -Venezuela decriminalized the use of the dollar and lifted controls to combat a hyperinflationary cycle that lasted from 2017 to 2022. Since then, the government, under the economic leadership of Maduro's then–Vice President Rodriguez, began injecting petrodollars into the market whenever they were available. This became more difficult under a blockade of Venezuelan oil by the United States, which in recent months seized several tankers transporting crude from the South American nation.
