Diana Furchtgott-Roth writes in Forbes on the Biden administration’s decision to purchase oil from Venezuela.
- After OPEC announced last week that they would cut production, the Biden administration reached an oil purchasing agreement with Venezuela.
- This move is misguided and will prop up a corrupt authoritarian regime at the expense of the Venezuelan people.
- Venezuela is also a member of OPEC which means that increased production in Venezuela will lead to less production in other OPEC member nations.
- Rather than looking overseas, the administration must reduce regulations to allow our domestic energy sector to increase production and flourish.
“Two years of oil and gas restrictions, reduced refinery capacity, and political and social pressure on companies across the value chain of oil and gas have affected America’s ability to raise output quickly in the face of rising oil prices. It’s not too late to lower oil prices, but it will have to start at home.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
