U.S. Raises $13 Billion from Venezuelan Oil, Offers Only $300 Million in Earthquake Aid

Original article: EE.UU. recauda US$13.000 millones del petróleo venezolano y ofrece apenas US$300 millones tras los terremotos

In the wake of catastrophic earthquakes registering magnitudes of 7.2 and 7.5 that struck Venezuela on June 24, resulting in over 5,400 fatalities and 16,700 injuries, the Trump administration has pledged $300 million in aid for emergency relief. This amount starkly contrasts with the $13 billion Washington has collected from the extraction and sale of Venezuelan oil.

Following the tremors, U.S. Chargé d’Affaires in Caracas, John Barrett, and Southcom Commander, General Francis Donovan, described this aid as «the largest modern international assistance to Venezuela.»

Barrett defended the extent of the U.S. response to this tragedy, emphasizing that the Republican administration has deployed one of the most extensive humanitarian operations recently in the country.

According to the diplomat, the U.S. assistance, which surpasses $310 million, includes field hospitals, potable water, sanitation, temporary shelters, and logistical support to address the needs arising from the emergency.

U.S. Aid to Venezuela Represents Only 2% of Oil Revenue

Despite this, the amount pledged by the White House constitutes merely 2% of the $13 billion earned by the U.S. this year from the sale of Venezuelan oil.

Following the military aggression by U.S. forces on January 3 against Venezuela, which culminated in the abduction of Constitutional President Nicolás Maduro and his wife Cilia Flores, the Trump administration announced an agreement under which the Caribbean nation would export crude oil to the U.S., with volumes potentially reaching between 30 and 50 million barrels sold at market price, with profits under U.S. control.

According to the far-right leader, the revenues from Venezuelan oil sales have already surpassed fifty times the costs of the military incursion he ordered.

«They have oil. They have a lot of oil. Finding oil there is as easy as looking at the ground and saying, ‘Ah, that’s oil. Just drill.’ There are very few places that have anything like that,» he stated, referring to Venezuela’s certified oil reserves, estimated to be around 303 billion barrels.

Trump: U.S. Is «Taking Enormous Amounts of Oil» from Venezuela

During a political event on July 22, the Republican boasted that the Caribbean nation allowed Washington to reap massive profits from its oil business, which had offset the costs associated with military actions.

«We won Venezuela, which is now working with us to produce millions and millions of barrels of oil. We get along very well with them. And we’ve already paid for that operation many, many times,» he declared in a public address.

In his own words, the U.S. is «taking enormous amounts of oil.»

Despite the tragedy caused by the earthquakes, Trump asserted that «Venezuela is better than ever,» highlighting the investments he claims are being made by U.S. oil companies.

«The major oil companies are coming in and signing contracts,» he stated.

He also referred to U.S. control over Venezuela’s energy reserves, especially as his administration continues a war against Iran, which has closed the strategic Strait of Hormuz in response to U.S. attacks, a maritime route through which 20% of the world’s traded crude flows.

«The truth is, it has been incredible, with so much oil. In fact, if we add our oil and Venezuela’s, we have about 62% of the world oil market. So we don’t need crude oil. We don’t need anything,» he said.

According to Trump, millions of barrels of oil extracted from Venezuelan territory are sent to the cities of «Houston and Louisiana» after being refined.

«They’re millions and millions of barrels of oil,» he asserted, without specifying the amounts of the operations or the quantity of Venezuelan crude being refined on U.S. soil.

$13 Billion in Revenue from Venezuelan Oil Sales

Despite the opacity of the White House, the Financial Times revealed that the Trump Government has raised over $13 billion in revenue from Venezuelan oil sales since January, based on price estimates made by Argus Media for heavy Venezuelan crude «Merey» and other varieties like Boscan and Hamaca, which are also part of the Caribbean nation’s offering.

The British outlet noted that Washington claims the Venezuelan money is being «safeguarded» to be invested under a supervised scheme in the Venezuelan economy, but also highlighted statements from the Republican president himself affirming they have been «making a lot of money» from Venezuelan oil.

Additionally, it pointed out that congressmen are pressuring for Washington to release reports that would clarify where the money is.

«Trump’s invasion of Venezuela has revolved around oil, power, and corruption from the start, with billions in Venezuelan oil revenues controlled by the Trump administration lacking transparency or safeguards,» stated Democratic Congressman Joaquín Castro in an interview with the newspaper, accusing Congress of being «kept in the dark.»

According to the outlet, Benjamin Gedan, a former senior White House official for Latin America under the Obama administration, indicated that Democrats may initiate an investigation into the use of oil funds if they gain control of one or both chambers of Congress in the upcoming midterm elections this November.