WEST PALM BEACH, Florida (AP) — President Donald Trump’s latest executive order regardingVenezuelan oilincome is intended to guarantee that the funds are safeguarded from being utilized in legal cases.
The executive order, released on Saturday, states that if the funds were to be taken for such purposes, it could “harm essential U.S. initiatives aimed at maintaining economic and political stability in Venezuela.”
The directive arrives alongside warnings from leading oil company executives thatthe chaos and uncertainty in Venezuelamight reduce the country’s appeal to private investment and reconstruction efforts.
“If we examine the commercial structures and systems currently in place in Venezuela, it’s currently not a viable investment,” stated Darren Woods, CEO of ExxonMobil, the leading U.S. oil company, duringa gathering organized by Trumpwith petroleum executives on Friday.
Throughout the meeting, Trump sought to ease the worries of the oil companies and mentioned that the executives would be in direct communication with the U.S., instead of the Venezuelan administration.
Venezuela has experienced a legacy of government-controlled asset takeovers, current U.S. restrictions, and long-standing political instability.
Making U.S. oil firms invest in Venezuela and assist in restoring the nation’s infrastructure is a key focus for the Trump administration following the sudden arrest of former leader Nicolás Maduro.
The White House is presenting the initiative to “manage” Venezuela through economic channels, with Trump having taken control of tankers transporting Venezuelan oil, stating that the U.S. is assuming responsibility for selling 30 to 50 million barrels of previously restricted Venezuelan crude, and intends to oversee these sales globally on an ongoing basis.
I have a deep affection for the Venezuelan people, and I’m already working to make Venezuela wealthy and secure once more,” Trump, who is currently in southern Florida, stated on his social media platform on Saturday. “Congratulations and thanks to everyone who is making this happen!!!
The order states that the oil revenue belongs to Venezuela and is being kept by the United States for “governmental and diplomatic purposes,” and cannot be claimed by individuals.
The legal basis for this is the National Emergencies Act and the International Emergency Economic Powers Act. In the order, Trump states that the risk of oil revenues being involved in court cases represents an “unusual and extraordinary threat” to the United States.
