Trump drinks Venezuela’s milkshake : Planet Money
One week ago, President Trump announced a deal that would give the “U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”The exact nature of this deal has been … obscure, to say the least. But today, we wanted to know, from someone wh...
Trump drinks Venezuela’s milkshake : Planet Money
President Donald Trump revealed a week ago that the United States would assume control of more than 65 billion barrels of proven oil reserves in Venezuela, a move he said would cost nothing to the American taxpayer. The specifics of the arrangement have remained vague, prompting analysts to seek insight from those familiar with Venezuela’s oil sector.
Venezuelan Oil Veteran Speaks
José Ángel Pereira Ruimwyk, a third‑generation oil professional who has spent his career navigating the country’s petroleum landscape, offered a measured perspective on the announcement. He described himself as both hopeful and cautious, noting that his experience includes greeting foreign investors when Caracas opened its doors to outside capital decades ago, and later finding himself behind bars when the government reversed course and expelled those same investors.
A Muralside Scene
A recent photograph taken on September 3, 2026, shows a passerby in Caracas walking past a large mural that combines oil pump imagery with the Venezuelan flag, flanked by portraits of independence hero Simón Bolívar on the left and the late President Hugo Chávez on the right. The image, captured by Federico Parra of AFP and distributed by Getty Images, underscores the deep connection between national identity and the oil industry in the country.
Historical Push‑pull
Ruimwyk’s recollections illustrate the cyclical nature of foreign involvement in Venezuelan oil. When the state first welcomed external firms, he was among those who facilitated their entry. Years later, as political tides shifted and the leadership demanded a return to domestic control, he experienced the repercussions firsthand, including imprisonment. His dual outlook reflects the broader uncertainty that the new U.S. claim introduces for Venezuela’s economy and its long‑standing oil infrastructure.
Podcast Production Credits
The discussion about the Trump‑Venezuela deal aired on a Planet Money episode hosted by Nick Fountain and Erika Beras. Production responsibilities were handled by Emma Peaslee, assisted by Sam Yellowhorse Kesler, while Marianne McCune performed editing duties. Fact‑checking was overseen by Peaslee with assistance from Sierra Juarez, and audio engineering was managed by Josephine Nyounai together with Jimmy Keeley. Alex Goldmark served as the executive producer for the series.
Implications for Venezuela
While the exact mechanisms of the U.S. claim remain unclear, the sheer scale of the reserves—exceeding 65 billion barrels—suggests a potentially transformative impact on Venezuela’s fiscal outlook. Ruimwyk cautioned that the country’s historical pattern of oscillating between openness and isolation could shape how the agreement unfolds, and he emphasized the need for Venezuelan stakeholders to monitor the development closely.
Source: npr.org · 2026-09-05