A sold-out oil and gas conference in Caracas drew Big Oil representatives, but the real story is President Trump's strategy of prioritizing oil production over good governance. Nine months after the U.S. military arrested dictator Nicolás Maduro and promoted Delcy Rodríguez, sanctions on oil sales have been lifted, and dollars flow to the criminal regime. Opposition leader María Corina Machado remains barred from returning.
The Trump administration bets that boosting the petroleum industry will eventually lead to democratic rebuilding, but critics argue this sequencing is flawed. Investors will want a legitimate, elected government before committing long-term funds. History shows the chavistas have repeatedly used dialogue to avoid relinquishing power.
Meanwhile, life for most Venezuelans remains dire with triple-digit inflation and power outages. Rodríguez holds an estimated 324 political prisoners. Negotiations between her brother Jorge and the opposition may lead to an independent supreme court and elections by mid-2027, but hope is fading.
The administration's lack of emphasis on governance and its acceptance of secret oil deals, like the no-bid contract granting 17 oil fields to Blue Energy Partners, raise corruption concerns. By focusing solely on oil, the U.S. may end up with neither production nor democracy.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing