High oil prices are bound to undermine the U.S. economic recovery, unless global supplies increase significantly. Latin America holds the world's biggest oil reserves after the Middle East, but politics are hindering its potential, especially in Venezuela. Global U.S. security would benefit from a revamping of outdated and misguided idealism-driven policies toward Latin America, which, in fact, strengthen anti-American forces led by President Hugo Chavez.

This is a blind spot in American politics, one that threatens U.S. geopolitical and economic interests. At stake, ultimately, is...