A leading international economist said Sunday that the US invasion of Venezuela and kidnapping of its socialist leader are about reasserting control over the world’s largest petroleum reserves by Washington imperialists and Wall Street shareholders.
Gabriel Zucman—a professor at the Paris School of Economics and University of California, Berkeley Goldman School of Public Policy—said on his Substack that the US invasion is motivated by the “$100–$150 billion per year to be captured by US shareholders of oil companies, should a new regime friendly to US interests take power in Caracas.”
President Donald Trump and other senior US officials have openly vowed to seize Venezuela’s oil, even while claiming that Saturday’s invasion and abduction of Venezuelan President Nicolás Maduro and his wife are about bringing Maduro to justice on dubious criminal charges, combating narco-trafficking, and protecting US national security.
“Maduro was a brutal and corrupt autocrat,” Zucman, who also directs the independent EU Tax Observatory, continued. “But Trump has never had any trouble working with brutal and corrupt autocrats; such traits rarely trouble him.”
Indeed, the Trump administration have provided military, financial, or diplomatic support to some of the world’s most prolific human rights violators, from the Gulf monarchies to Egypt’s military rulers to a sadistic dynasty in Equatorial Guinea and dictatorships in Central Asian countries including Turkmenistan and Uzbekistan. All of the aforementioned nations sit atop major oil and natural gas deposits.
“The real goal of the Trump operation lies elsewhere: reclaiming Venezuela’s oil rents for the benefit of America’s economic elite—an arrangement that peaked in the 1950s,” Zucman asserted, referring to a period in which then-Venezuelan President Marcos Pérez Jiménez ruled the country with an iron fist and was backed by Washington, largely because he let foreign oil companies exploit Venezuela’s vast petroleum resources.
“In 1957, at the peak of this extractive regime, profits earned by US oil companies in Venezuela were roughly equal to the profits earned by all US multinationals—across all industries—in the rest of Latin America and in continental European countries combined,” he continued.
“About 12% of Venezuela’s net domestic product—the value of everything produced in the country each year—flowed directly to the pockets of US shareholders,” Zucman noted. “That was roughly the same amount of income received by the poorest half of the Venezuelan population combined.”
“This is the ‘golden age’ the Trump administration wants to bring back: a sharing of oil rents that is difficult to imagine being more unequal,” he added.
Critics have accused the US of waging war for oil for nearly a century. US administrations have explicitly asserted the right to use military force to safeguard control of access to petroleum resources since the presidency of Jimmy Carter. The George W. Bush administration even initially called its impending invasion and occupation of Iraq “Operation Iraqi Liberation,” before changing it so the abbreviation did not spell “OIL.”
While Trump campaigned on the promise of no new wars and claims to avoid giving world leaders “lectures on how to live,” he has now ordered the bombing of more nations than any US president in history. All 10 countries attacked by Trump since 2017—Afghanistan, Iran, Iraq, Libya, Nigeria, Pakistan, Somalia, Syria, Venezuela, and Yemen—are oil producers or possess significant fossil fuel resources.
