Dems Slam Pentagon Stake in Venezuelan Oil Deal as Illegitimate
A controversy has erupted over a deal between the US and North American Blue Energy Partners (NABEP) that gives the Pentagon a 35% stake in one of Venezuela's largest oil producers.
The deal, part of a broader effort to revive Venezuelan oil production and expand US economic influence, has been challenged by four senior Senate Democrats who claim it may be illegal and risks undermining the transition away from a dictatorship in Venezuela.
The senators, led by Jeanne Shaheen, Jack Reed, Martin Heinrich, and Elizabeth Warren, wrote a letter to Secretary of State Marco Rubio, War Secretary Pete Hegseth, and Energy Secretary Chris Wright questioning whether the Pentagon office used to structure the investment has the legal authority to acquire an equity position in a foreign oil company.
The administration argues that the structure could generate substantial returns for the US without requiring taxpayers to buy the stake up front, but the Democrats claim it does not resolve the underlying legal question and raises concerns about the administration's vetting of NABEP and its leadership.