Trump’s blatant oil grab lays bare the violence of a fossil fuel economy
Original article by Rob Soutar republished from TBIJ under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

The abduction of Maduro came with no pretence of spreading democracy – it’s the new US national security plan in action
The writer Eduardo Galeano said in 1971 that “as lungs need air, so the US economy needs Latin American minerals”.
Half a century later, after the shocking abduction of Venezuelan president Nicolás Maduro last week, it now seems like the US has stopped pretending otherwise.
On the face of it, Maduro was taken in connection with alleged drugs and weapons offences. But in the aftermath of the raid, Trump said the US will “run the country” until an orderly transition had taken place – and this will include US companies pumping Venezuela’s vast reserves of crude oil. The country’s reserves are reportedly the largest in the world but have remained largely untapped due to old infrastructure and low investment.
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Let’s be clear: this is not a conventional invasion or a political coup. There has been barely any of the usual talk of spreading liberty and democracy. There are no US boots on the ground. And with senior government figures still in place for now, there appears to be little appetite for any regime change. Nor was there any serious attention paid to the Venezuelan people – both those inside the country and the millions of migrants – who’ve endured political oppression and painful economic hardship.
To Venezuelans, the motive is obvious. It’s all about the oil. As one man in a viral clip put it in relation to US, Russian and Chinese interest in the country: “What do you think they want, our recipe for arepa?”
And for Trump, this involves settling scores on behalf of the US companies whose assets were nationalised by Maduro’s predecessor, Hugo Chávez.
This was Trump’s new national security strategy in action: aggressively anti-drugs and just as aggressively pro-fossil fuels.
Trump’s sudden willingness to pursue these ends using military aggression could mark the start of a worrying new era for security, sovereignty and the climate. Uncertainty reigns for Venezuelans – and the implications go way beyond that country’s borders.
Fighting for the phase-out
After Maduro’s abduction – which some legal experts have called a kidnapping – Trump warned Colombia’s president Gustavo Petro that “he’s next”.
And Mexico, another country that has struggled with insecurity linked to drug production and trafficking, has also come into Trump’s crosshairs. In a joint-statement, Brazil, Chile, Spain, Uruguay, Mexico and Colombia condemned the Venezuela raid as a violation of international law and setting a “dangerous precedent for peace and security in the Americas”.
Aside from Brazil and Uruguay, all of these countries supported a declaration at recent global climate talks to end fossil fuel expansion. And in April, Colombia will co-host an inaugural global summit to transition away from fossil fuels. This further puts these countries at odds with a US government that sees the “ideologies” of climate change as a threat to the country.
This year, the US also assumes the presidency of the G20, a grouping of the world’s wealthiest nations. Its State Department will use the opportunity to promote fossil fuels. Trump’s “drill baby drill” mantra is going global – with little respect for international norms or conventions.
Market bounce
As the US built up a naval presence in the Caribbean over recent months and blocked oil tankers, international investors also waited in the wings for the re-opening of the Venezuelan oil market. The news of Maduro’s ousting prompted shares in US oil companies Chevron, Exxonmobil and ConocoPhillips to spike.
Chevron has operated in Venezuela for years and since 2022 has had a special exemption from US sanctions on the country. ConocoPhillips has been locked in a long legal battle with the Venezuelan government, seeking compensation for Chávez’s expropriations. Both are expected to cash in on Trump’s actions.
Executives from UK oil companies will also be lobbying the government to allow their involvement, according to former BP chief Lord Browne. Among them could be Shell, which is reportedly eyeing a return to gas fields near the maritime border with Trinidad and Tobago.
Clearly, there’s money to be made. And restoring American dominance in oil, gas, coal and nuclear is a central pillar of Trump’s strategy. He also wants to bring key commodities – like Venezuelan oil – to American shores for his country to process, use and sell.
But with so much uncertainty around the US’s long-term plans for Venezuela, and the prospect of wider regional instability, the country remains a risky bet for international investors. Whatever uncertainty they feel, it can’t compare to that felt by Venezuelans.
Venezuela has long been dependent on oil for foreign income – and its leaders have long warned of the risks of a foreign invasion. An economy so dependent on fossil fuels is a vulnerable one.
Put simply, clean energy is the safer bet. Last year, investments in solar, wind, nuclear and other greener sources were twice those made in fossil fuels, according to the International Energy Agency. It cited energy security concerns as a factor.
As the veteran US climate campaigner Bill McKibben put it recently: “If you’re for peace and democracy, then a solar panel is a useful tool.”
Lead image: A protest in Madrid on Sunday 4 January. Photo by Thomas Coex / AFP via Getty
Reporter: Robert Soutar
Deputy editor: Chrissie Giles
Editor: Franz Wild
Production editor: Alex Hess
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Original article by Rob Soutar republished from TBIJ under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.














