'Better think twice': Analyst reveals why Big Oil is hesitant about Trump's Venezuela
A political analyst floated a new theory on Sunday about why businesses are hesitant to invest in Venezuela following President Donald Trump's arrest of dictator Nicolás Maduro.
Two weeks ago, Trump approved a middle-of-the-night operation to arrest Maduro and his wife, Cilia Flores, and fly them to the U.S. to face prosecution for narco-terrorism and weapons charges. Trump has said the U.S. will "run" Venezuela in the interim, which includes allowing big oil companies to rebuild the country's oil infrastructure and profit from the oil itself.
Oil executives recently told Trump they are hesitant to invest in the country because of political instability.
Russ Baker, editor-in-chief of WhoWhatWhy, floated a new theory on his Substack, "Going Deep with Russ Baker," on Sunday.
"They are absolutely right to look before leaping," Baker wrote. "Any corporation or industry selling out to placate a madman like Trump deserves long-term adverse consequences, enforced by public opinion."
Baker warned that the oil companies that are considering investing in Trump's Venezuela could meet a similar fate as the companies that supported Hitler's Nazi regime. He said those businesses suffered for decades after the war ended.
"The administration claims that smaller firms want a piece of the Venezuela action, and of course they do," Baker wrote. "They are eager for profits wherever they can be found, and probably see no downside. But the big brands — notably Exxon, Chevron, and ConocoPhillips — had better think twice, lest they become the new Teslas."