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The Folly of Trump’s Oil Imperialism

Save this storySave this storySave this storySave this storyYou’re reading The Financial Page, John Cassidy’s weekly column on economics and politics. Watching Donald Trump’s press conference at Mar-a-Lago on Saturday, in which he said that the U. S. would “run” Venezuela and seize some of the country’s oil wealth “in the form of reimbursement for the damages caused us by that country,” my mind went back to 2003. In the immediate aftermath of the U. S.

The Folly of Trump’s Oil Imperialism

Credit: The President has made clear he wants to exploit Venezuela’s vast oil reserves; history suggests that it won’t be easy.ByJohn CassidyJanuary 4, 2026

Key Highlights

  • invasion of Iraq, I spent several weeks travelling around the country’s oil fields, some of which were still littered with live ordnance, speaking with members of the U. S.-led Task Force Rio—the “Rio” stood for “Restore Iraqi Oil”—and local workers.
  • I also went to Baghdad, where I interviewed officials from the Iraqi oil ministry. Venezuela isn’t Iraq, of course, and so far, at least, there hasn’t been a U. S.
  • occupation.
  • (Although Trump remarked, “We’re not afraid of boots on the ground.”) Nonetheless, this is the second time in twenty-three years that the United States has deposed the authoritarian leader of an oil-rich nation—the third if you count the NATO strikes on Libya in 2011, which hastened the fall of Muammar Gaddafi.
  • History has some lessons to offer. Unlike Trump, who is an unashamed petro-imperialist, members of the Bush Administration insisted that their push for regime change in Iraq was unconnected to hydrocarbons—Donald Rumsfeld famously said it had “literally nothing to do with oil”—and that the postwar reconstruction of Iraq’s oil industry was designed purely to help the country.
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Sources

  1. The Folly of Trump’s Oil Imperialism

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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