Jason Bordoff
In discussing the dramatic seizure of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, over the weekend, President Donald Trump declared that the United States would now “take back” the country’s oil. Yet he has offered little clarity on what exactly this means.
How the administration answers that question will carry lasting consequences for global oil markets, geopolitics, and the world order—far more significant than any immediate price effects from more Venezuelan supply. If Trump oversees Venezuela’s transition to a transparent democracy that can attract international investment, this could provide needed resources to rebuild the country and help ease energy prices over the long run. If, however, he seeks to impose a mercantilist model in pursuit of short-term financial gain, he will undermine the global energy market on which U.S. security depends.
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