diff --git a/CHANGES.rst b/CHANGES.rst
index e7c692766..da8f81916 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,6 +1,15 @@
 Release Notes
 =============
 
+2.1.72
+------
+
+This release fixes an old bug with ``--venv`` PEXes initially executed
+with either ``PEX_MODULE`` or ``PEX_SCRIPT`` active in the environment.
+
+* Fix venv creation to ignore ambient PEX env vars. (#1669)
+  `PR #1669 <https://github.com/pantsbuild/pex/pull/1669>`_
+
 2.1.71
 ------
 
diff --git a/pex/version.py b/pex/version.py
index ff6708e70..1cf91c0a8 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,4 +1,4 @@
 # Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = "2.1.71"
+__version__ = "2.1.72"