Article originally appeared on amac.us.
Venezuela state oil company PDVSA announced earlier this week that it plans to dramatically expand crude oil production by the end of this year – news met with consternation by the country’s embattled opposition leaders and made possible by President Joe Biden’s capitulation to strongman Nicolas Maduro.
With the cost of gas skyrocketing last summer as a result of Democrats’ war on American energy production and a pivotal midterm election approaching, the Biden administration desperately needed something to begin to bring oil prices back under control. One of the answers they arrived at was the easing of Trump-era sanctions on Venezuela’s authoritarian regime, a move that critics described as effectively trading Venezuelan freedom and democracy for cheaper oil.
That news sent signals to the market that more oil was on its way, and prices dipped just in time for last November’s elections. In January, the …
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