US rejects Venezuelan President Maduro's reelection, but keeps financial lifeline for his government
Venezuela in 2022. Following years of authoritarian rule and withering economic sanctions, President Nicolas Maduro had agreed to work toward a democratic presidential election. The White House, in return, granted him a financial lifeline: a permit for U.S. energy giant Chevron to pump and export Venezuelan oil.
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Oil wells roared back to life and massive tanker ships returned to Venezuela's coast to be filled with heavy, hard-to-refine crude destined for the U.S.
Maduro's promised election was neither fair nor free, and the longtime president was sworn in this month for a third six-year term despite credible evidence that his opponent got more votes. Yet, the sanctions reprieve the U.S. offered «to support the restoration of democracy» is still helping fill state coffers.
Venezuela's opposition says Maduro's government has earned billions of dollars from exports allowed by the permit.
The White House has ignored calls from the main opposition coalition, as well as Republicans and Democrats in the U.S. Congress, to cancel a permit that now accounts for around a quarter of the South American country's oil production.
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