After secret talks in Mexico, the US federal government announced that it will not renew temporary licenses granted to Venezuelan oil companies that are set to expire on Thursday. These licenses were granted as part of the US efforts to ease sanctions against Venezuela's Nicolas Maduro regime after it promised free and fair elections.

However, Maduro has so far not held up his end of the bargain, so the US is bringing back some of the sanctions it previously eased. Maduro has made it difficult for his opponents to run, including not making good on his promise to the Venezuelan opposition that he would allow candidates that were previously banned to run.

This included Maria Corina Machado, who was blocked by the Maduro-aligned Supreme Court from running soon after the agreements were made. Polls suggested that Machado would have beaten Maduro if the election were fair.

The US expressed its concerns to Venezuelan officials during its secret meeting with them in Mexico. According to Reuters, it regards the current situation in Venezuela as "Maduro's failure to meet his main promises for the July 28 presidential elections."

"Absent progress by Maduro and his representatives in terms of implementing the road map's provisions, the United States will not renew the license when it expires on April 18, 2024," said a US State Department spokesperson regarding the sanctions.

The Biden administration stated that there is still a little bit of hope that Maduro will make enough concessions before Thursday's deadline. If Maduro does comply and make some changes, such as making things fair for opposition candidates, the US may ease the sanctions again.

US Reimposing Venezuela Sanctions Could Mean Higher Fuel Prices

As the US may reimpose those sanctions it previously eased on Venezuela, it could mean bad news for global fuel prices, according to NBC News, as the sanctions that will return will be imposed mostly on Venezuelan oil.

READ MORE: Venezuela Elections: Three Times Nicolas Maduro Undermined Democracy During an Election Year

Not only that, but the sanctions' return could greatly impact Venezuela's economy, forcing more and more of the country's poor to flee the country for better pastures. This means that more Venezuelan migrants may soon arrive at the US-Mexico border.

Back in January, the US reimposed some non-energy sanctions against Venezuela over Machado's disqualification being upheld. Since then, Venezuela has only intensified its repression of the opposition, arresting Machado's staffers and forcing her to step down as the opposition coalition's candidate.

Hundreds of Companies Tied to Venezuela's Nicolas Maduro Regime Still Operating in Florida

Meanwhile, even though there is a threat to global fuel prices and a surge in Venezuelans at the border, many are welcoming the sanctions, particularly in Florida, where there is a sizeable population of Venezuelans who are not very fond of Nicolas Maduro.

A Miami Herald Op-Ed pointed out that there are at least 718 companies owned by current or former officials of the Venezuelan dictatorship that are opening in Florida alone, and many of these companies are not facing the sanctions imposed by the US on Venezuela.

Exiled Venezuelan opposition leader Juan Guaido, who previously challenged Maduro for the presidency, revealed that there are "more than a thousand, probably thousands" of additional companies owned by those linked to the Maduro regime and stated that he supports both economic and personal sanctions against them.

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This article is owned by Latin Post.

Written by: Rick Martin

WATCH: U.S. imposes sanctions on Venezuela after Maduro blocks opposition campaign - NBC News