The Biden administration agreed Wednesday night to ease sanctions on Venezuela’s oil industry after the Maduro government promised reforms allowing more competitive presidential elections next year. The policy shift has drawn Republican pushback and questions about the impact on global energy prices. POLITICO’s Ben Lefebvre breaks down the deal’s energy ramifications for the United States and the world, along with the GOP criticisms. Plus, the Biden administration will put nearly $3.5 billion toward hardening electricity infrastructure in a move it says represents the largest-ever investment in the nation’s power grid.

For more news on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch

And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro: https://subscriber.politicopro.com/newsletter-archive/morning-energy

Catherine Morehouse is an energy reporter for POLITICO and the host of the POLITICO Energy podcast.

Ben Lefebvre is an energy reporter for POLITICO. 

Nirmal Mulaikal is a POLITICO audio host-producer. 

Kara Tabor is an audio producer for POLITICO.

Gloria Gonzalez is the deputy energy editor for POLITICO. 

Matt Daily is the energy editor for POLITICO.

Learn more about your ad choices. Visit megaphone.fm/adchoices