Reducing the Price of Gas: First Step by Biden
November 26, 2022
On Saturday, 26th November, at Bogota in Columbia are to meet the representatives of President Nicolás Maduro of Venezuela and the opposition. Venezuela, the richest country of South America some decades back, is passing through a severe economic, political and humanitarian crisis. If the talks succeed, USA will agree to release up to 3 billion dollars, frozen in overseas Banks, for a humanitarian program for the people of Venezuela. The condition is that the funds will be administered by United Nations so that the funds are not used by Maduro to strengthen his regime.
Venezuela is believed to hold the largest oil reserves of any country.
However, Venezuela requires technology from western companies so that its oil can enter the world’s markets. It is also required to lift the sanctions so that countries like India can import crude oil from Venezuela. If the talks in Bogota succeed, President Biden may permit Chevron Corp to expand operations so that oil from Venezuela can enter International oil market and reduce the market’s dependence on the Russian oil and the price of crude oil may fall from the high levels since the start of the Ukraine war and may bring some relief to people of the world.