Another victory for socialism

Another victory for socialism: Oil-rich Venezuela can’t keep the lights on

Considering the fact that Venezuela sits on an ocean of oil, one would think they could generate enough electricity to keep the lights on. But no, the South American nation is suffering an energy shortage for the second straight year. Hugo Chavez was unavailable for comment.

Bloomberg has the story:

Venezuela will ration power again this year, planning steps similar to those taken in 2010 amid an energy crisis, Electricity Minister Ali Rodriguez said.

“We’re going to reapply the measures we applied in Caracas last year nationwide, which punishes the wasting of electricity and encourages energy savings,” Rodriguez said in an interview on state television today. Any rationing measures require President Hugo Chavez’s approval, Rodriguez said.

Venezuela has struggled to boost energy-generating capacity to keep pace with an estimated 6 percent increase in demand this year. The consumption jump, if it persists, would require an additional 2,000 megawatts of new capacity a year, which is “unsustainable,” Rodriguez said.

All hail the glories of socialism! The lights are off, but nobody’s home.