The U.S. has struck a deal to take majority control of more than 65 billion barrels of Venezuela’s oil reserves, nine months after the U.S. military abducted President Nicolás Maduro and his wife Cilia Flores in a raid on Caracas and two months after The New York Times revealed that U.S. Secretary of State Marco Rubio has become the de facto viceroy of Venezuela, effectively controlling Venezuela’s finances, the distribution of its natural resources and its government. The new oil deal gives the Department of Defense a 35% stake in a joint U.S.-Venezuelan private company that now holds 100-year leases to 17 oil fields. It also gives the U.S. the right to buy some of the oil produced at cost — a major triumph for the Trump administration as the war on Iran depletes the United States’ strategic oil reserves. Venezuela’s acting President Delcy Rodríguez claims U.S. investment in Venezuela’s oil industry will jumpstart the country’s floundering economy, but critics, including Venezuelan economist Francisco Rodríguez, say the deal is not only “unfavorable to Venezuela” but also appears to violate the Venezuelan Constitution.

  • queermunist she/her@lemmy.ml
    link
    fedilink
    arrow-up
    2
    ·
    edit-2
    27 minutes ago

    Law is class power. From a legal standpoint, the law is whatever the ruling class says it is.

    No matter how iron clad air tight the Venezuelan legal defense is, a US court can just say “nuh-uh” and seize assets.