Trump Administration’s $13 Billion Venezuelan Oil Windfall Under Scrutiny

After the United States seized control of Venezuela’s oil exports in January, the White House reported that roughly $13 billion from those sales had been transferred to U.S. accounts. The seized oil accounts for up to 25 percent of Venezuela’s gross domestic product, a share that had been a critical source of revenue even before the country’s recent earthquakes.

Daily Beast

An executive order stipulated that the oil proceeds would remain the property of Venezuela, held by the United States in a “custodial capacity.” Economists cited by the Financial Times note that, six months after the operation, evidence of a tangible economic recovery in Venezuela is “relatively muted,” suggesting a substantial portion of the $13 billion may not have reached the Venezuelan economy.

Daily Beast

President Donald Trump has publicly claimed the United States is “making a lot of money” from the Venezuelan oil operation. The Department of Energy echoed the administration’s stance, emphasizing that the disbursement of the funds is intended to aid both nations.

Daily Beast

Democratic Representative Joaquin Castro demanded transparency, questioning how the White House is allocating the oil money. Republican Representative Maria Elvira Salazar also called for full disclosure during a recent hearing, citing the importance of transparency given Venezuela’s dire need for oil revenue after the June earthquakes that caused $37 billion in damages and at least 5,300 deaths.

Daily Beast

• “Trump’s invasion of Venezuela has been about oil, power, and graft from the very beginning, with billions of dollars in Venezuelan oil revenue being controlled by the Trump administration without transparency or safeguards,” — Democratic Rep. Joaquin Castro

Daily Beast