Forbes article

To be fair, the collapse in oil prices had a devastating effect on every major oil producing nation. But they were amplified in the case of Venezuela, according to Zitelmann.

“While this would have caused a predicament for any oil-producing nation, these problems were amplified in a country with an extremely inefficient socialist economy and strict price controls,” he notes. “The fatal effects of Chávez’s socialist policies became obvious once and for all and the entire system fell apart. As had become evident in other countries, it was apparent that, far from being an efficient means to fight inflation, price controls only make things worse.”