Trump’s Venezuela Fixation Is Not About the Oil

There are lots of reasons why the Trump administration is angling for regime change in Caracas, but heavy oil isn’t one of them.

Maduro speaks into a microphone as he stands with his fists raised while wearing a red baseball cap and a red-and-white striped button-down shirt. People onstage behind him smile toward the camera. December 2, 2025, 1:22 PM Comment icon View Comments ( )

Trump’s Second Term

Ongoing reports and analysis

Whatever else the United States is up to around Venezuela, it’s probably not after the country’s oil.

There is lots of chatter—and plenty of memes —about U.S. interest in the world’s largest oil reserves. Similar shadows hung over the United States with Bolivia and its lithium in 2019—theories that w

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