Venezuela Oil Minister Rafael Ramirez pegs the value of his country’s fuel subsidy at about $1.5 billion a year, Reuters reports. His measurement is the gap between the sales price and the cost of production. It is unclear to me why he doesn’t refer to the figure in opportunity-cost terms. For some reason, he wanted to make the subsidy sound as small as possible. Opportunity cost is about 10 times bigger. Anyway take a look.