Editors at National Review Online offer the Trump administration advice about American policy toward Venezuela.
With his pressure campaign against Venezuela following the removal of tyrant Nicolás Maduro, President Trump is making up for what he considers to be the fatal flaw in George W. Bush’s invasion of Iraq: He’s not leaving the oil behind this time.
The administration is moving swiftly to control the output of Venezuela’s oil sector, which has been wracked by decades of socialist mismanagement and corruption. In a social media post, Trump announced that the Venezuelan government would transfer 30 to 50 million barrels of sanctioned oil to the United States for eventual sale. He claims that “this Oil will be sold at its Market Price, and 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!”
Meanwhile, U.S. forces are maintaining their blockade on sanctioned vessels carrying Venezuelan oil out of the country, as the Treasury eases sanctions selectively to allow for transport to the United States. More ambitiously, administration officials are devising a plan to seize control of Venezuela’s state-run oil company, acquiring and marketing the bulk of its production indefinitely.
It’s too early to tell how much these plans will materialize, but there are several risks ahead that the administration should keep in mind.
Trump is clearly tempted to squeeze as much oil wealth out of Venezuela as he possibly can. But as negotiations proceed with the country’s post-Maduro government, he should stick to advancing actual U.S. interests — not simply expropriating foreign oil for profit’s sake. America’s global reputation does not need the black mark of piracy at a time when vital allies are already unnerved, nor does the U.S. economy require more oil than it currently produces.
