Missing Billions: The Hidden Cost of US Oil Control in Venezuela

The Trump administration has maintained tight control over Venezuela’s primary export wealth through Treasury-held accounts, requiring State Department approval for any withdrawals. Despite promises of transparency, including a commitment from official Michael Kozak to provide quarterly reports, lawmakers on the Foreign Affairs Committee confirm they have received no such documentation. Publicly, the administration asserts that billions have been disbursed, but tracking data shows only a single $300 million transfer recorded in March.

Economist Francisco Rodríguez notes that while oil exports have surged by 25%, Venezuela’s GDP growth remains at a five-year low of 2.5%. This discrepancy suggests the country is failing to collect its own revenue. The urgency of this fiscal opacity has intensified following June’s devastating earthquakes, which killed 5,000 people and left an estimated $50 billion in reconstruction costs. Although the US has pledged $386 million in aid, critics point out that this represents only a small portion of the sequestered oil wealth. Even supporters of the administration’s intervention, such as Rep. María Elvira Salazar, are now demanding a full accounting of these missing funds.