Outlook grim in Venezuela’s essential oil industry

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In this April 25, 2013 photo, a surfer walks along the shore near the refinery el Palito in Moron, Venezuela. The oil flowing from the El Palito refinery sells for more than five times what it cost when President Hugo Chavez took office in 1999. Yet when Chavez died in March he left Venezuela's cash cow, its state-run oil company, in such dire straits that analysts say $100-a-barrel oil may no longer be enough to keep the country afloat barring a complete overhaul of a deteriorating petroleum industry. (AP Photo/Fernando Llano)MORON, Venezuela (AP) — Only the filthy water from broken sewer pipes keeps the dust down in front of Ramon Boet's shop, which sells statues of saints and other religious objects.

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