Lawmakers from both parties said Wednesday they want oversight of the Trump administration's plan to sell Venezuelan oil, disputing President Donald Trump's claim that the executive branch will control the proceeds.
The dispute follows a closed briefing with administration officials as the U.S. begins moving Venezuelan crude to U.S. markets and easing some sanctions to allow sales.
Under the strategy, officials say, up to 30 million to 50 million barrels of previously sanctioned oil could go to U.S. buyers, giving Washington leverage over Caracas.
Reuters reported that Trump said the proceeds from the oil sales will be "controlled by me, as President of the United States," and held in U.S.-controlled accounts.
Democrats said they were alarmed by the administration's proposal to sell Venezuelan oil "indefinitely" while retaining control of the revenue, warning it would amount to a takeover of the country's oil industry.
"It's an insane plan," Sen. Chris Murphy, D-Conn., said after the briefing. "They are proposing to steal Venezuela's oil at gunpoint forever and use that leverage to run the country."
Republicans voiced cautious support, citing confidence in Energy Secretary Chris Wright, the need for congressional oversight, and the potential for U.S. control of oil revenue to pressure Venezuela's government if paired with transparency and accountability.
"Chris Wright is brilliant when it comes to energy. Nobody's going to do a better job than him in terms of making sure that that oil is properly marketed," Sen. John Hoeven, R-N.D., said after the briefing.
"Congress will have an oversight role. He'll be up here testifying in front of us exactly how they're doing it."
North Dakota's other GOP senator, Kevin Cramer, said U.S. control of Venezuelan oil revenue could influence how the money is spent, given the country's weakened economy.
"As long as we can control how they spend it, that could be a really important part of rebuilding the country and democracy in the region," Cramer said.
Cramer also raised concerns about selling Venezuelan crude in the U.S., where it could compete with domestic production.
North Dakota is one of the nation's largest oil-producing states, but output has plateaued amid weaker prices.
While Venezuelan oil is generally lower quality and would not directly compete with North Dakota crude, Cramer said it could still affect markets at the margins.
"As long as it's not sold at a discount, I probably don't have a big problem with it," he said, "as long as they aren't going to use that dirty, cheap oil to flood the market."
House Speaker Mike Johnson, R-La., said earlier Wednesday that he did not have full details of the administration's plan to secure Venezuelan oil fields and production, but said the approach appeared reasonable.
He added that he did not expect taxpayer dollars to be used to carry out the effort.
"I do not expect that they would," Johnson said.
The Trump administration plans meetings with executives from U.S. oil firms to discuss potential entry into Venezuelan production.
Reuters contributed to this report.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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