US objective: To seize control of Venezuela’s largest oil reserves

Following the United States’ blatant use of force against Venezuela, detaining President Maduro and his wife and removing them from the country, US President Trump gave a telephone interview to the media and held a press conference at Mar-a-Lago. The US president stated bluntly that the US would control Venezuela, and also its world-leading oil reserves. Venezuela has approximately 300 billion barrels of oil reserves, accounting for nearly one-fifth of the global total. Venezuela’s oil reserves not only exceed those of oil-rich Saudi Arabia, but are also roughly 6.7 times that of the United States. At the beginning of this century, Venezuela’s oil production once reached 3 million barrels per day, but due to US sanctions leading to a lack of investment in the oil industry and aging equipment, the country’s current oil production capacity is only around 1 million barrels per day. Immediately after announcing the military action, Trump stated in a telephone interview with Fox News that the US would be “deeply involved” in Venezuela’s oil industry. Trump said, “We’re going to bring in the really big oil companies in the US—the biggest ones in the world—and put in billions of dollars to fix the seriously damaged infrastructure and start making money for this country.” The US president added that these companies would be “compensated” for their efforts. The context of this statement is as follows: In mid-January, several sources familiar with the matter stated that the Trump administration was inquiring with the US oil industry about their interest in returning to Venezuela in the “post-Maduro era,” and these companies firmly replied “no”—citing reasons including regional instability, oil prices at a near five-year low, and past losses incurred in Venezuela. At a press conference held early Sunday morning Beijing time, Trump repeatedly mentioned Venezuelan oil. Trump stated that the US would “manage” Venezuela until a “safe” transition is implemented. He also stated that taking over operations in Venezuela “wouldn’t cost us a penny, because the money coming from underground is very substantial.” The US president also stated that he hopes Venezuela will hold elections “as soon as possible,” but also noted that the transition of power might take “some time,” with the timeline depending on how quickly oil facilities can be rebuilt. Trump avoided questions about whether the US military would fully intervene in the situation in Venezuela, but stated that the US would maintain a presence in Venezuela “in oil-related sectors.” Undoubtedly, the US president’s statement claiming to “manage” Venezuela has sparked fierce criticism within the US. Senate Minority Leader Chuck Schumer, a Democrat, stated that Trump’s announcement of taking over Venezuela should serve as a warning to the American public. Schumer stated, “The American people have seen this before and paid a heavy price for it.” The last time the United States used the rhetoric of “taking over” a country was more than 20 years ago in Iraq. Schumer demanded that the Trump administration immediately brief Congress on its operational objectives in Venezuela and what plans Trump had to prevent “pushing the United States into another endless war.” Demonstrations are planned in multiple cities across the United States to protest the U.S. military action against Venezuela. One of the groups organizing the protests stated in a press release, “We need to take to the streets and say ‘no’ to another endless war! The people of this country do not want another war! America’s war will bring death and destruction to the Venezuelan people.” Demonstrations are reportedly planned in Chicago, Manhattan in New York, outside the White House in Washington, D.C., and at city halls and state capitols across the United States.