Venezuela’s election is an opportunity for the US

Venezuela is holding an election this Sunday, July 28. There is a real chance that the opposition against President Nicolas Maduro’s authoritarian regime may win. If the opposition wins, a liberalizing Venezuela could offer a chance for the United States to strengthen its position in Latin America .

Maduro has continued the left-wing policies of his predecessor, former President Hugo Chavez. The economy has collapsed over the past decade, as hyperinflation led inflation rates to reach up to 65,000%. Declining oil prices, economic mismanagement, and American sanctions all contributed to the crisis.

This disaster has led many Venezuelans to turn to the opposition for their salvation. The original candidate was Maria Corina Machado , a longtime conservative politician inspired by Margaret Thatcher. She was banned from running, leading the opposition to name Edmundo Gonzalez as its candidate. A retired diplomat, Gonzalez possesses conciliatory politics and a massive advantage in the polls, which have made a peaceful transition of power more likely.

American foreign policy has put Latin America on the back burner for a while now. Wars in Europe and the Middle East have consumed most diplomatic time and energy in Washington. For example, the U.S. dedicated $2.4 billion to Latin America in 2023, compared with $75 billion for Ukraine. But Latin America is a crucial region for the U.S.

Venezuela could be an important trading partner for the U.S. if the opposition wins this Sunday. The oil-rich country could be a critical source of energy for the U.S. and our allies, especially after Russia’s full-scale invasion of Ukraine. But Maduro’s authoritarian policies and his relentlessly anti-American stance led Washington to reimpose oil sanctions on Venezuela earlier this year. This historically wealthy country could also be a site of the nearshoring of crucial industries, as growing geopolitical tensions have exposed our dizzyingly complex global supply chains.

Better relations with a liberal Venezuelan government could also ameliorate American vulnerabilities in Latin America. The country’s economic crisis has forced nearly 8 million Venezuelans to leave the country. Hundreds of thousands have entered the United States and exacerbated the crisis at the southern border .

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Also, Maduro has grown close to rivals of the U.S. Venezuela recently hosted a Russian warship , and China gave the Maduro regime riot gear during mass protests. Russian and Chinese diplomatic support has been crucial for Venezuela on the world stage. Both countries vetoed a United Nations Security Council resolution calling for free and fair elections in Venezuela. A friendly Venezuela would help stabilize Latin America geopolitically by depriving anti-American powers of a base of influence in the region.

The Venezuelan elections this Sunday could prove crucial to the future of Latin American geopolitics. Gonzalez has already signaled he is willing to cooperate with the U.S. if elected. The U.S. would be foolish to pass on an opportunity to develop our relations with Venezuela and secure the Western Hemisphere.