US President Donald Trump left no doubt on Saturday that a—or perhaps the—primary driver of his decision to illegally attack Venezuela, abduct its president, and pledge to indefinitely run its government was his desire to control and exploit the country’s oil reserves, which are believed to be the largest in the world.
Over the course of Trump’s lengthy press conference following Saturday’s assault, the word “oil” was mentioned dozens of times as the president vowed to unleash powerful fossil fuel giants on the South American nation and begin “taking a tremendous amount of wealth out of the ground”—with a healthy cut of it going to the US “in the form of reimbursement” for the supposed “damages caused us” by Venezuela.
“We’re going to get the oil flowing the way it should be,” he added.
Currently, Chevron is the only US-based oil giant operating in Venezuela, whose oil industry and broader economy have been badly hampered by US sanctions. In a statement on Saturday, a Chevron spokesperson said the company is “prepared to work constructively with the US government during this period, leveraging our experience and presence to strengthen US energy security.”
Other oil behemoths, some of which helped bankroll Trump’s presidential campaign, are likely licking their chops—even if they’ve been mostly quiet in the wake of the US attack, which was widely condemned as unlawful and potentially catastrophic for the region. Amnesty International said Saturday that “the stated US intention to run Venezuela and control its oil resources” likely “constitutes a violation of international law.”
“The most powerful multinational fossil fuel corporations stand to benefit from these aggressions, and US oil and gas companies are poised to exploit the chaos.”
Thomas O’Donnell, an energy and geopolitical strategist, toldReuters that “the company that probably will be very interested in going back [to Venezuela] is Conoco,” noting that an international arbitration tribunal has ordered Caracas to pay the company around $10 billion for alleged “unlawful expropriation” of oil investments.
The Houston Chroniclereported that “Exxon, America’s largest oil company, which has for years grown its presence in South America, would be among the most likely US oil companies to tap Venezuela’s deep oil reserves. The company, along with fellow Houston giant ConocoPhillips, had a number of failed contract attempts with Venezuela under Maduro and former President Hugo Chavez.”
Elizabeth Bast, executive director of the advocacy group Oil Change International, said in a statement Saturday that the Trump administration’s escalation in Venezuela “follows a historic playbook: undermine leftist governments, create instability, and clear the path for extractive companies to profit.”
“The most powerful multinational fossil fuel corporations stand to benefit from these aggressions, and US oil and gas companies are poised to exploit the chaos and carve up one of the world’s most oil-rich territories,” said Bast. “The US must stop treating Latin America as a resource colony. The Venezuelan people, not US oil executives, must shape their country’s future.”
US Sen. Chris Van Hollen (D-Md.) said that the president’s own words make plain that his attack on Venezuela and attempt to impose his will there are “about trying to grab Venezuela’s oil for Trump’s billionaire buddies.”
In a statement, US Sen. Bernie Sanders (I-Vt.) echoed that sentiment, calling Trump’s assault on Venezuela “rank imperialism.”
“They have spoken openly about controlling Venezuela’s oil reserves, the largest in the world,” said Sanders. “It recalls the darkest chapters of US interventions in Latin America, which have left a terrible legacy. It will and should be condemned by the democratic world.”