What may be good news for the U.S. oil industry is far from a moral victory.
The Biden administration recently eased some oil sanctions from the regime of Venezuela’s socialist dictator, Nicolas Maduro. Because of this, Chevron is bringing more Venezuelan oil into the U.S.
In June, they brought in 134,000 barrels per day. In July, that was up to 160,000 barrels per day. This brings imports back to levels last seen in 2020.
But that’s the year Trump banned imports from Venezuela’s state-owned company after devastating human rights abuses under the Maduro regime, which has been accused of torturing political dissidents within the country.
When Biden rolled back that sanction, the dictator was in talks to hold a “free and fair” election in 2024. Those talks have since stalled.