Amid still-elevated gas prices, Biden prepares to give Chevron license to pump oil in Venezuela

The Biden administration is preparing to grant an oil-pumping license for Chevron to extract oil from Venezuelan fields, a move reportedly contingent upon the Venezuelan government's adopting of a new humanitarian program. 

The White House "is poised to grant a license to Chevron Corp. to pump oil in Venezuela," the Wall Street Journal reported on Thursday, echoing numerous other media reports.

The move would allow Chevron "partial control of its oil-production and maintenance activities in dilapidated Venezuelan oil fields," the outlet reported.

The license is "contingent on the Venezuelan government and its political opponents’ announcement, expected Saturday, to implement a $3 billion humanitarian program," the Journal noted. The $3 billion is set to come from funds unfrozen by the U.S. as part of a relaxation of sanctions against the country. 

Venezuelan Vice President Delcy Rodríguez said on Thursday that the move was a step toward "the normalization of economic aspects of national life" in the South American country.

The move comes as gas prices remain markedly elevated from their levels a year ago. National data show fuel prices elevated by double-digits in nearly every U.S. state relative to November 2021.