The low oil prices likely in 2015 will hurt producers whose current and future reserves are in remote, difficult or low-value fields. These are mainly Western countries and energy companies. But it takes time for momentum to slow and for debts to mount. In more immediate trouble are governments whose books balance only at a juicy price, which have failed to set money aside for lean years, which have few other sources of income, and which have costly social spending or foreign-policy adventures to support. Several countries have some of these woes—Iran, Libya, Nigeria and Russia stand out. But only one has the lot: Venezuela. It exports almost nothing apart from costly oil, has skimpy reserves and ambitious policies, including the world’s cheapest petrol (costing $12 billion a year in subsidies). No wonder the economy is shrinking, inflation rocketing over 60%, shelves empty and emergency measures looming.​