Why it matters: The license, granted by the Treasury Department, would allow the California-based oil company to pump Venezuelan oil for the first time in years in joint ventures with Venezuela's national oil company Petróleos de Venezuela (PdVSA.)Details: The license prohibits PdVSA from receiving profits from Chevron’s oil sales and the U.S. and it does not authorize other activity with PdVSA, the U.S. Treasury said in a statement.As we have said in the past, this is about the regime taking the steps needed to support the restoration of democracy in Venezuela," a Biden administration official said in a separate statement to Axios.Our thought bubble via Axios' Andrew Freedman: This move, while tied to political developments in Venezuela, could keep gas prices lower by adding more oil to the global market.Flashback: U.S. officials had previously offered to ease some sanctions on Venezuela to encourage peaceful negotiations between the opposition and the Maduro regime."