"This is a long-term horizon business, and Latin American politics is factional and short-sighted," said Francisco Monaldi, director of the Latin American Energy Program at the Center for Energy Studies.
The Biden administration has lifted some oil sanctions on Venezuela, allowing Chevron to resume pumping oil in the country. Fellow Francisco Monaldi joined CBS News to discuss the implications of this limited opportunity.
What factors are driving Venezuelans to the U.S.-Mexico border? Fellow Francisco Monaldi discussed the Joe Biden administration’s announcement of a humanitarian parole plan for Venezuelan migrants.
Engaging Venezuela could serve as a longer-term strategy for the U.S. and European countries trying to secure new energy sources as Russia's war in Ukraine drags on and upends commodities markets, said Francisco Monaldi, the director of the Latin America Energy Program at the Center for Energy Studies.