Senate Democrats Challenge Trump's Venezuelan Oil Equity Deal
Senate Democrats questioned the legality of a Trump administration plan for the Pentagon to acquire a 35% stake in Venezuelan oil producer North American Blue Energy Partners.
Four high-ranking Senate Democrats have challenged the legality of a plan by the Donald Trump administration for the Pentagon to acquire a 35% passive stake in North American Blue Energy Partners (NABEP), the second-largest oil producer in Venezuela. In a letter addressed to Secretaries Marco Rubio, Pete Hegseth, and Chris Wright, the lawmakers questioned whether the Pentagon Office of Strategic Capital possesses the authority to take equity in a foreign oil company.
President Trump characterized the arrangement as "the biggest oil deal in world history," asserting that the move will replenish the Strategic Petroleum Reserve and lower fuel costs for Americans. Under the plan, the Department of Motor Vehicles would receive preferential rights to purchase 20% of NABEP's production at cost.
Opponents of the deal expressed concerns that the investment could undermine Venezuela's democratic transition. Senator Jeanne Shaheen argued that the agreement is unlikely to reduce energy costs and risks supporting a dictatorship. Additionally, the senators raised alarms regarding NABEP leader Alejandro Betancourt López, citing his history of international money laundering investigations and the potential for corruption or self-dealing involving the president's family or donors.
