has the least expensive petrol in the world because the consumer price of petrol is heavily subsidized. The private sector controls two-thirds of Venezuela's economy. A part of the Venezuelan economy depends on remittances. The Central Bank of Venezuela is responsible for developing monetary policy for the Venezuelan bolívar which is used as currency. The president of the Central Bank of Venezuela serves as the country's representative in the International Monetary Fund. The U.S.-based conservative think tank The Heritage Foundation, cited in The Wall Street Journal, claims Venezuela has the weakest property rights in the world, scoring only 5.0 on a scale of 100; expropriation without compensation is not uncommon. As of 2011, more than 60% of Venezuela's international reserves was in gold, eight times more than the average for the region. Most of Venezuela's gold held abroad was located in London. On 25 November 2011, the first of US$11 billion of repatriated gold bullion arrived in Caracas; Chávez called the repatriation of gold a "sovereign" step that will help protect the country's foreign reserves from the turmoil in the U.S. and Europe. However government policies quickly spent down this returned gold and in 2013 the government was forced to add the dollar reserves of state owned companies to those of the national bank to reassure the international bond market. Manufacturing contributed 17% of GDP in 2006. Venezuela manufactures and exports heavy industry products such as steel, aluminium and cement, with production concentrated around Ciudad Guayana, near the Guri Dam, one of the largest in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes electronics and automobiles, as well as beverages, and foodstuffs. Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least a quarter of Venezuela's land area. The country is not self-sufficient in most areas of agriculture. In 2012, total food consumption was over 26 million metric tonnes, a 94.8% increase from 2003. Since the discovery of oil in the early 20th century, Venezuela has been one of the world's leading exporters of oil, and it is a founding member of OPEC. Previously an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil quickly came to dominate exports and government revenues. The 1980s oil glut led to an external debt crisis and a long-running economic crisis, which saw inflation peak at 100% in