Recent reports that Chevron and other U.S. energy companies are preparing major new investments in Venezuela should be viewed as more than an oil story. They are a reminder that one of America’s most consequential geopolitical competitions is unfolding much closer to home.

For years, China and Russia have understood the strategic value of Latin America. They have used energy, infrastructure, financing, and trade to deepen relationships across the region and expand their influence. The United States cannot afford to treat these developments as someone else’s problem.