What Did Trump Do With the Billions He Collected From Venezuelan Oil?

The Trump administration has raked in about $13 billion after taking over Venezuela’s oil exports in the wake of its kidnapping of President Nicolás Maduro, according to a Financial Times analysis. But six months later, and one month after two devastating earthquakes, that money is nowhere to be found.

When Trump first seized the “millions of barrels” of oil back in January, he assumed complete control. His administration eventually proclaimed that it would use any profit from the sales for “the benefit of the American people and the Venezuelan people.” The State Department has since claimed that “billions of dollars have been disbursed to the Venezuelan economy” and that “financial monitoring is under way to ensure funds benefit the Venezuelan people.”

But none of that has been proven to be true. The Financial Times reported Wednesday that there has been no evidence of oil money going back into the hands of the Venezuelans Trump claimed to care for, and that Venezuela’s first-quarter gross domestic product was the lowest it’s been in five years.

“Trump’s invasion of Venezuela has been about oil, power, and graft from the very beginning, with billions of dollars in Venezuelan oil revenue being controlled by the Trump administration without transparency or safeguards,” Democratic Representative Joaquin Castro told the FT, adding that all of Congress had been “kept in the dark” by the Trump administration. And on Tuesday, Republican Representative María Elvira Salazar called on Trump to make the transactions known, citing “the importance of transparency over where the money is going.”

It seems clear that the most corrupt president in history is withholding oil revenue from Venezuelans who badly need it, as oil makes up nearly a quarter of the entire country’s GDP. In January, Semafor reported that Trump would be keeping proceeds from the first $500 million sale of Venezuelan oil in an offshore bank account based in Qatar. It might be worth checking up on that account. ...