Senate Democrats Challenge Pentagon's Venezuela Oil Deal
The senators said the Office of Strategic Capital lacks authority for equity deals and sought the full terms amid conflict-of-interest concerns.
- On Wednesday, four ranking Senate Democrats challenged the legality of the Pentagon's plan to acquire a 35% stake in North American Blue Energy Partners , Venezuela's second-largest oil producer, in a letter to Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Energy Secretary Chris Wright.
- Administration officials touted the deal as a way to bring down fuel prices and bolster the Strategic Petroleum Reserve, which sits at its lowest level since 1982, citing NABEP's control over 17 oil blocks holding approximately 65 billion barrels of oil.
- Senators contended the Pentagon's Office of Strategic Capital lacks legal authority to own foreign oil companies and raised concerns about businessman Alejandro Betancourt, whose background includes money laundering inquiries in Spain, Switzerland, and the United States, though Secretary Rubio said Betancourt is not under active U.S. investigation.
- The senators warned "The proposed agreement is unlikely to reduce high energy costs for Americans, and it risks undermining the Venezuelan people's transition away from a dictatorship," while demanding the administration provide full deal terms and legal rationale before finalization; House Democrats sent a similar letter.
- Any potential congressional investigation would likely begin after the November midterm elections and depend on Democratic gains, as the party currently holds minority status and lacks subpoena power; lawmakers also questioned whether Trump family members or donors benefit from the arrangement.
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12 Articles
Dems demanding Venezuela brief face State Department fury as senators leave town before meeting
Senate Democrats face congressional scrutiny over a Venezuela oil deal giving the Pentagon an equity stake in oil company NABEP, as the State Department accuses them of grandstanding.
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Top Senate Democrats challenge legality of Pentagon’s planned Venezuela oil stake
Four top Senate Democrats are challenging whether the Pentagon has the legal authority to take a 35 percent stake in a Venezuelan oil producer. Democratic Sens. Jeanne […]
Democratic leaders demand full disclosure of agreement with Caracas following closed-door congressional briefing
Democrats Challenge Trump On Venezuela Oil Deal
“Senate Democrats are challenging the legality and prudence of the Pentagon’s plan to take a stake in a Venezuelan oil company, laying the groundwork for a potential probe into the arrangement,” the Wall Street Journal reports. “The Pentagon’s deal for a position in North American Blue Energy Partners—Venezuela’s second-largest oil producer—stands on shaky legal ground […]
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