(USNewsMag.com) – President Biden has the U.S. set to receive 100,000 barrels per day of oil from Chevron, who is shipping the barrels from Venezuela with a license it obtained from the Treasury Department. This put the U.S. on track to import 3 million barrels of crude oil this month from Venezuela.
Chevron was authorized last year by President Biden to resume its exports of oil from Venezuela as part of the White House’s efforts to reduce the price consumers were paying at the pump. While domestic production did not increase, Biden was forced to look elsewhere and import oil from other countries.
As the war between Russia and Ukraine began, the Biden administration officials visited Venezuela last year, meeting with President Nicolas Maduro, to discuss easing sanctions on the country to resume selling oil in the international market. The sanctions were originally put on Venezuela in 2019 over concerns the country was violating human rights.
In summer of 2022, the Biden administration also sought relief at the pump for motorists by turning to Saudi Arabia, who refused to increase supply. In the fall of 2022, OPEC+, which is led by Saudi Arabia and Russia, was considering slashing production. Experts have also said OPEC+ has more power over these decisions as the policies to protect the environment in the U.S. have led to the increase in need to get oil elsewhere.
The easing of the sanctions in Venezuela has ultimately allowed Chevron to import more oil from the country.
Under the Biden administration, the U.S. has produced less of its own oil and gas leading to the need to turn to other countries such as Venezuela. Experts have said that in doing so the administration is contradicting its climate change agenda as Venezuela has a record of oil spills.
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