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Why big oil giants may not rush to buy into Donald Trump’s Venezuelan vision (www.theguardian.com)

submitted 2 days ago by MicroWave@lemmy.world to c/news@lemmy.world

7 comments fedilink hide all child comments

It may well be safer, easier and cheaper for US companies to procure whatever oil the US economy needs at home

There are a few reasons that Donald Trump – now self-anointed acting President of Venezuela, as well as the United States – might be so excited about appropriating Venezuela’s oil.

Trump may be counting on some boost from cheap oil to the US economy: he is obsessed with the price of gas. As the midterm elections approach, he has become concerned about unemployment. Deeply imprinted memories of scarcity during the oil crises of the 1970s may prime his belief that cheap oil cures it all.

The US president may also consider Venezuelan oil as an easy source of cash, either for the US government – to add to the tariff bonanza that he implausibly claims is being paid by foreigners – or for his own personal stash, which he may want to diversify away from crypto.

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[–] Frozentea725@feddit.uk 2 points 1 day ago (1 children)

Ah, that makes sense, I was confused to the recent oversupplying

[–] faintwhenfree@lemmus.org 2 points 1 day ago

My guess is, Trump wants to be populist, because the rule thumb when he was young was cheap oil means cheap fuel and cheap fuel means cheap goods and he wants to show the US that he can reign in inflation. Rural republican are suffering terribly under him. That's why he wants to flood the market with oil.

Again just a guess, but could be wrong.