Yesterday President Trump announced he was putting an end to Chevron's license to export oil which the Biden administration granted to Venezuela in 2022. Trump said he was unhappy with a lack of democratic reforms by the country's communist dictator and by Venezuela's refusal to accept deported migrants.
President Trump said Wednesday he was revoking a Biden-era license allowing Chevron to produce oil in Venezuela over what he said was strongman Nicolás Maduro’s failure to assist in deporting migrants.
The move is a reversal of the administration’s monthlong rapprochement with Maduro and appears to be a setback for Chevron, the U.S. oil company that former President Joe Biden granted an exception to American sanctions to pump in Venezuela in 2022. Trump didn’t mention Chevron but said on his social-media site, Truth Social, that he was canceling a Nov. 26, 2022 license, the same time the company got its concession.
The agreement was put in place by President Biden, supposedly to encourage Maduro to hold free and fair elections. But as we all know, that didn't happen.
The licence was granted in 2022 by the Biden Administration in an attempt to entice the Maduro government to allow free and fair elections.
It remained in place even after Venezuela's government-aligned electoral council declared Maduro the winner of the presidential election in July 2024 - a result which has been refuted by the opposition and by a number of countries, including the US, which have recognised Maduro's rival as the legitimate winner instead.
The end of this license is bad news for Chevron but also for the Maduro regime. Oil is the the country's largest export and accounts for nearly 60% of the government's budget. Here's Trump's statement announcing the change.
🚨🇺🇸🇻🇪 | HUGE NEWS FOR VENEZUELA: President Trump is officially reversing Biden’s disastrous oil concessions to the Maduro regime, effective March 1st. This was one of the biggest lifelines keeping the dictatorship afloat, and it’s finally being cut off.
— Rafael E. Struve (@RafaelEStruve) February 26, 2025
For years, Venezuelans… pic.twitter.com/rzmLaCuenJ
Rep. Maria Salazar praised President Trump and pointed out that the oil sales had been a lifeline for Maduro's government. She says Chevron was paying the regime $500 million per month.
THANK YOU President Trump for ENDING Chevron’s licenses in Venezuela.
— Rep. María Elvira Salazar (@RepMariaSalazar) February 26, 2025
They pumped hundreds of millions of dollars into Maduro’s pockets, profiting off the suffering of every Venezuelan seeking freedom. They’re as evil as the regime they are enabling.
Leadership matters! 🇺🇸 pic.twitter.com/CLFLthJyL1
I don't know how accurate that figure is. This story suggests it would be $150-$200 million per month. Either way it's a lot of cash.
There's another aspect to this story playing out in Venezuela. Yesterday when Trump made the announcement, his son happened to be interviewing the leader of the opposition Maria Machado. Machado thanked the Trump administration for making the move.
While I was interviewing @MariaCorinaYA , my father decided to break some YUGE news.
— Donald Trump Jr. (@DonaldJTrumpJr) February 27, 2025
What a moment.
Still not tired of winning. pic.twitter.com/KdWLiyMgxp
But because Venezuela is still a dictatorship, this was apparently taken as grounds for some of President Maduro's goons to arrest Machado at her home. Earlier today she tweeted that men had arrived her home in Caracas and were trying to force their way in.
ALERTA
— María Corina Machado (@MariaCorinaYA) February 27, 2025
En este momento hombres no identificados están tratando de entrar a la fuerza a mi hogar en Los Palos Grandes, Caracas.
Están amenazando con detener a los vecinos y al vigilante.
At this moment unidentified men are trying to force their way into my home in Los Palos Grandes, Caracas. They are threatening to arrest the neighbors and the security guard.
She also posted a couple of photos of the goon squad.
— María Corina Machado (@MariaCorinaYA) February 27, 2025
The move to arrest her was probably based on the "Simon Bolivar Law" passed last December.
The 23-article law establishes that people who have promoted or requested sanctions against the Venezuelan people or its authorities will be barred from running for elected office. The ban can be as long as 60 years.
The bill goes on to state that support for economic aggression against the country could constitute grounds for prosecution, with 25 to 30-year prison sentences.
In addition, the Simón Bolívar law establishes fines of up to 1 million euros for figures found guilty of endorsing sanctions.
In other words, this is yet another way for the regime to imprison and disqualify opposition candidates, something they already did to Machado which is why she could not be on the ballot in the last election. It appears Machado was not arrested today but we'll have to wait and see if they try again tomorrow.
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