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In a two-day government sale, Venezuelans Line Up for Motor Oil as Hyperinflation Soars

Thousands of Venezuelans began lining up before dawn Friday outside a Caracas stadium, hoping to get a hold of a prized item: motor oil.

“I got here at 2 a.m.,” said Carolina Estrella, a 32-year-old office manager, in line to purchase 12 liters for her family’s three cars. National guard officers estimated about 5,000 people were in line by 11 a.m.

The two-day-only sale was announced by Venezuela’s state oil giant, Petroleos de Venezuela SA, Thursday and at 300,000 bolivars per liter, the price is a steal compared to the 25 million bolivars ($8) charged for any imported kind at a car shops around Caracas.

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There is always a shortage of goods and long lines when government sets a price below market cost.

Socialism has huge costs.

Mike "Mish" Shedlock