Trump's Venezuela Oil Deal: A Joke with No Basis in Reality
President Trump boasts about the significant amount of foreign investment coming into the country, claiming it's $20 trillion, or even up to $30 or $40 trillion. However, this boast has no basis in reality. In fact, factory construction has plummeted since Trump took office, after experiencing a boom under Biden.
The Venezuela oil deal is another example of Trump's flawed economic thinking. He claims that taking control of 65 billion barrels of Venezuelan oil will lower gas prices and refill the Strategic Petroleum Reserves, which he has largely drained due to his war on Iran.
Venezuelan economist Ricardo Haussman agrees with Michael Tomasky, stating that the deal is seen as a joke in Venezuela. Trump's deal will likely be dumped once a new administration takes over.
Moreover, the production facilities in Venezuela have deteriorated significantly due to US sanctions, making it impossible for them to produce 3 million barrels per day without billions of dollars in foreign investment.