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The US Kicks Out Russia and China and Extorts from Venezuela a 100 Year Right to Suck its Oil Riches for a Pittance!
News:
US Energy Secretary Chris Wright announced on the 2nd of September during his visit to Venezuela that US companies have signed agreements to expand their oil extraction operations in Venezuela. This follows Trump’s announcement on the 28th of August of “the largest oil deal in world history” at "no cost to the American taxpayer." According to the agreement, the US will have extensive and exclusive rights worth hundreds of billions of dollars in 65 billion barrels of Venezuelan oil, and these rights will last for 100 years with the US not being required to invest a single dollar.
Comment:
The details of the agreement are being released slowly, but the bigger question is why? Not, what? Why would any nation agree to let its enemy get rights to 65 billion barrels of oil without having to pay anything? Is it because the US kidnapped its President from his presidential palace in a military operation, and installed the Vice President to take his place? Even the corrupted treacherous Gulf Arab rulers may have been spared that extreme a level of humiliation when the US made them its puppets decades ago.
Trump himself was confused about the details of the deal. The US will not own 55% of the private Venezuelan company, North American Blue Energy Partners (NABEP), that will be extracting oil from 17 oilfields containing an estimated 65 billion barrels of oil. NABEP is privately controlled by Venezuelan businessman Alejandro Betancourt. The deal gives the US 35% of the profits of that company, whose board of governors must comprise a majority of American citizens with the US also having a right to veto appointments to the board. Furthermore, the US gets 20% of the oil extracted by NABEP at cost price. This is where Trump’s initial 55% US control came from (i.e. 35% + 20%). Despite his misleading claim in its details, there is no doubt that the US will be in control of NABEP and will get cheap oil and a huge share of the profits of this Venezuelan company at “no cost to the American taxpayer”.
Above that, the agreement says that the US has first right to buy the remaining 80% of the oil that will be sold commercially, and Chinese and Russian companies who have existing oil projects will be expelled. This is in the spirit of the Monroe doctrine that is being repurposed to mean the total domination of the American continent by the US to the exclusion of any other nation.
The US rights will last for 100 years, but earlier a figure of 25 years was talked about. The 25 years was simply an interim fiscal planning projection of initial investments, by private investors, not the US taxpayer, followed by production targets. After the US kidnapped Venezuala’s President Maduro and his wife, Trump’s plans seemed to falter as Chevron and other US oil companies were not keen to invest the $100 billion, which Trump asked of them, due to the political and legal uncertainties. Now, it is the nominally Venezuelan company NABEP with its US dominated board of well-paid governors that will find the initial investment. Today, 2nd September, the US Energy Secretary announced that Chevron will invest a much more modest $7 billion over five years to increase production of its existing projects.
The US has systematically been strangling Venezuela with harsh sanctions making it almost impossible for Venezuela to benefit from its massive oil reserves, and it was only Chinese and Russian assistance that allowed Venezuela to trade its oil and survive with China being its major creditor. Now, the US is closing that door giving it power to divert Venezuelan oil away from China and into the US. In the face of such extortion, calling what has now been signed as a deal is a misnomer. It is robbery on a historic scale.