Venezuelan dependence

Kay Bailey Hutchison, Texas Senator and now head of the Senate Republican Policy Committee (though fortunately not on any foreign policy-related committees) argues that Venezuela should perhaps be put on the State Department terrorist list. This is not remarkable, since a number of conservatives have argued the same, but she has her own special twist. Chávez threatens to cut off oil, but let’s call his bluff because if he cuts off exports to the U.S., he will be overthrown by the Venezuelan military.

While imposing additional sanctions on Venezuela could cause adverse short-term economic consequences, Mr. Chavez needs us more than we need him. Venezuelan oil has an extremely high-sulfur content, which requires special refineries to turn it into gasoline. Most of those refineries are in the Southern U.S. along the Gulf Coast. In short, Venezuela would have a very hard time finding other buyers if it loses its most important customer.

And with the increased willingness of Venezuela’s military to stand up to Mr. Chavez — not to mention his sinking popularity among the public — the United States is one customer Mr. Chavez can’t afford to lose.

I don’t recall the last time I saw this type of argument made so bluntly by a U.S. official. Or made so gleefully.