The Rupert Murdoch–owned Wall Street Journal has lashed out at Donald Trump’s plans to use Venezuelan oil money as his own piggy bank.
The paper’s editorial board questioned why the president appears to view oil revenue as his “personal executive account” and why such an approach would be the best option for stabilizing the South American country.
Trump launched a surprise attack on Venezuela and abducted its leader, Nicolás Maduro, to face “narco-terrorism charges” in New York City. Since then, Trump has sparked chaos and confusion by suggesting the U.S. will now “run” Venezuela for an unspecified period of time, including controlling the country’s state-run oil production.
In a Truth Social post, Trump—who insists the operation in Venezuela had nothing to do with oil—declared that the Venezuelan government will be “turning over between 30 and 50 MILLION Barrels” for the U.S. to sell, adding that “that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”
“Deposing Nicolás Maduro was an act of hemispheric hygiene. But Mr. Trump’s incessant talk about monetizing Venezuela’s oil plays into the hands of critics who say it’s all about oil,” the board wrote.
“Selling sanctioned oil could do some good if the proceeds are given to the opposition or put in an escrow account for rebuilding Venezuela’s economy, when and if the regime relinquishes power. But Mr. Trump seems to view the oil proceeds as a personal executive account, beyond the control of Congress’s purse strings, to dole out as he sees fit.”
Trump has previously admitted that he tipped off U.S. oil companies about plans to invade Venezuela and detain Maduro, despite not bothering to inform Congress about the attack.
The president believes that oil companies will reinvest heavily in Venezuela with dictator Maduro no longer in charge.
However, the Journal’s editorial board noted that companies such as Chevron—the only U.S. oil major currently operating in Venezuela—may be wary of investing further in the country’s aging infrastructure during such a turbulent period.
“Trump may be able to coerce Chevron to invest more in Venezuela, or dangle subsidies as he has suggested, but this is dubious industrial policy,” the board wrote.
“Venezuela’s overflowing storage facilities are forcing wells to be shut in, raising the stakes for the regime. Mr. Trump’s plan to sell stored oil could provide a relief valve,” it added. “We hope Mr. Trump understands that the success of his intervention won’t be measured in barrels of oil but in whether the country emerges as an American ally in a crucial region.”
The Daily Beast has contacted the White House for comment.
