However, the oil incomes will double its value in local currency with the recent currency devaluation. Venezuela has large energy subsidies. In 2015, the cost of petrol was just US$0.06 per gallon, costing 23% of government revenues. In February 2016, the government finally decided to raise the price, but only to 6 bolívar (about 60¢ at the official rate of exchange) per litre for premium and just 1 bolívar (10¢) for lower-grade petrol. A range of other natural resources, including iron ore, coal, bauxite, gold, nickel and diamonds, are in various stages of development and production. In April 2000, Venezuela's president decreed a new mining law and regulations were adopted to encourage greater private sector participation in mineral extraction. During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%. In the production of gold, until 2009 the country produced an annual average between 11 and 12 tons per year. After that, due to the political and economic problems, mining activity plummeted: in 2017 the country only extracted 0.48 ton. Venezuela mostly utilizes hydropower resources to supply power to the nation's industries, accounting for 57% of total consumption at the end of 2016. However, persistent drought has severely reduced energy production from hydropower resources. The national electricity law is designed to provide a legal framework and to encourage competition and new investment in the sector. After a two-year delay, the government is proceeding with plans to privatize the various state-owned electricity systems under a different scheme than previously envisioned. Manufacturing Manufacturing contributed 12% of GDP in 2014. The manufacturing sector is experiencing severe difficulties, amidst lack of investment and accusations of mismanagement. Venezuela manufactures and exports steel, aluminum, transport equipment, textiles, apparel, beverages and foodstuffs. It produces cement, tires, paper, fertilizer and assembles cars both for domestic and export markets. In 2014, General Motors Venezolana stopped automotive production after 65 years of service due to a lack of supplies while the Central Bank of Venezuela announced that the shortage rate of new automobiles was at 100%. By the first half of 2016, only 10 vehicles were manufactured per day in Venezuela with production dropping 86%. In 2017, estimates showed that Venezuela's industrial production fell about 2%. Agriculture Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least a quarter of Venezuela's land