Democrat President Joe Biden has been the target of some fairly extreme backlash this past weekend in the wake of an announcement from his administration that stated that it would now allow the company Chevron to restart its oil pumping processes out in socialist Venezuela.
This choice from the left-leaning Biden administration has gone back on a previously instated prediction that was put in place under the Trump administration which targeted companies in an effort to toss out socialist dictator Nicolás Maduro.
“On November 26th, the Unitary Platform and the Maduro regime announced the resumption of talks in Mexico City; a humanitarian agreement focused on education, health, food security, flood response, and electricity programs that will benefit the Venezuelan people; and agreement on the continuation of talks focused on the 2024 elections,” explained a statement sent out by the Treasury Department. “Following this announcement and consistent with U.S. government policy, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 41, authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela.”
The release stated that the choice by the administration was to “provide targets sanctions relief” and was set up due to the recent actions from the Venezuelan government to assist its people and “support the restoration of democracy.”
This bit of sanctions relief that is being provided by the administration to Venezuela will extend out over a period of six months, which at that point could either be revoked or pushed with and amended.
The economy of Venezuela has been destroyed by its “state-run economic model” which “wasted the world’s largest oil reserves,” explained CNBC back in 2019. That report also stated that inflation levels within the country had spiked to an insane peak of roughly 10 million percent that year since 2018, resulting in a vast number of people not being able to feed themselves.
This plan from the Biden administration to pull back on sanctions surrounding Venezuela takes place just as the administration has stated its intent to not hand out new drilling permits in the U.S., which has invited intense criticism.
Stephen Moore, a former White House Economic Adviser, stated that the move from the administration does not really make sense and only ends up hurting America.
“I literally almost fell out of my chair reading this headline that says we’re going to allow, you know, Chevron to do drilling in Venezuela,” stated Moore to Fox News. “This is the same administration that won’t allow us to do drilling here in the United States, not in Texas, not in Oklahoma, not in Alaska, not in West Virginia. But we can pump oil from Venezuela. It makes absolutely no sense. It’s put America last energy policy.”
“And by the way, when Trump left office and I helped Trump on energy policy, our whole policy was to make America totally energy independent so we wouldn’t have to rely on countries like Venezuela and Iran and Russia,” he stated. “And so somebody explain this one to me because it makes no sense.”