Planet Money · September 5, 2026 · 25m

Trump drinks Venezuela’s milkshake

Planet Money examines President Trump's announced deal giving the U.S. control of over 65 billion barrels of Venezuelan oil reserves at no taxpayer cost. The hosts turn to third-generation Venezuelan oil insider José Ángel Pereira Ruimwyk, who witnessed Venezuela's earlier cycle of inviting in and then expelling foreign oil companies — an experience that landed him in jail. He offers both optimism and caution about what this new arrangement means for Venezuela.

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Preview

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The U.S.-Venezuela Oil Deal

President Trump announced a deal giving the U.S. control of over 65 billion barrels of proven Venezuelan oil reserves at no cost to the American taxpayer, but the exact terms remain obscure.

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Venezuela's History of Foreign Oil Invitations and Expropriations

Venezuela's earlier cycle of inviting in foreign oil companies and then expelling them offers a cautionary parallel to the current deal.

Claude ChatGPT Gemini

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