2 min
Energy expert: Venezuela’s oil, U.S. energy security and the future of the Caribbean
Venezuela’s enormous oil reserves have long been central to its economic development and geopolitical importance in the Western Hemisphere and globally. Efforts by the United States to gain greater access to Venezuelan oil supply could have major consequences for both countries, says the University of Delaware’s Kalim Shah. Shah, associate professor of energy and environmental policy, studies energy security, energy policy and governance, with a particular focus on the Caribbean and other energy-producing regions. Venezuela has some of the world’s largest oil reserves, but years of political interference, underinvestment deteriorating infrastructure and expropriation of foreign assets under the Chavez-Maduro socialist model have severely reduced its production capacity, Shah says. Rebuilding the industry will require substantial investment from U.S. and other international energy companies. Shah can discuss: • U.S. energy security: How greater access to Venezuelan oil could provide an additional source of supply during future global disruptions and serve as an “energy shock absorber.” • Gas prices: Why increased Venezuelan production is unlikely to produce an immediate, dramatic reduction in U.S. gasoline prices. • Caribbean geopolitics: How energy resources can shape U.S. influence and relationships throughout the Caribbean and Western Hemisphere. • Venezuela’s recovery: How rebuilding the country’s oil industry can generate jobs, government revenue, infrastructure investment and broader economic recovery. • Energy governance: The importance of transparent contracts, regulation and revenue management in ensuring that energy development benefits Venezuela while protecting international investors. • The energy transition: The long-term risks and opportunities of investing in major oil resources as global energy systems increasingly move toward lower-carbon sources. • U.S. companies: The role American energy companies can play in rebuilding Venezuela’s oil industry, and the opportunities and risks that could come with greater U.S. investment. To reach Shah directly and arrange an interview, visit his profile page and click on the "connect" button. Interested reporters can also send an email to MediaRelations@udel.edu.
