US President Donald Trump's decision to raid Nicolás Maduro's Venezuelan plane is often reduced to its oil-related motivations. However, this overlooks a more complex web of interests and agendas that ultimately drove the move.
The presence of Venezuela's vast oil reserves does make Mr Trump's fixation understandable – but not sufficient to justify the high-stakes intervention. The country's heavy, expensive crude won't immediately revolutionize US energy systems or rescue refineries adapted to years without it. Instead, oil serves as a prize around which other agendas cohere.
These include lucrative profits for US firms, modest downward pressure on oil prices, and strategic moves against China, Cuba, and even the Cuban people in America's backyard. Each gain is small, but collectively they provide Mr Trump with a justification for a high-profile, theatrical – and unlawful – intervention that yields incremental economic returns.
The curse of Venezuela's oil has long been its own blessing and bane. Built on oil rents since the 1920s, the country's boom period overvalued its currency, leaving it import-dependent. A deal in the 1960s dividing hydrocarbon spoils among politicians further exacerbated this problem, making Caracas vulnerable when oil prices plummeted in the early 1990s.
History seems to be repeating itself, with this year's events mirroring those of 2002. The Bush administration covertly backed a business-led coup that briefly toppled Chávez. This experience left an indelible mark on Venezuela – hardening its regime and entrenching an ideological state machinery. The country's subsequent collapse after oil prices dropped, combined with corruption and patronage networks, eroded legitimacy.
Removing Mr Maduro won't solve the underlying issues; the system remains in place, controlled by Chavismo's networks of fixers and generals. Lifting US sanctions might boost growth, but taking a larger share of Venezuela's revenues from US oil majors could make Caracas even more strapped for cash. The decision to intervene was made without a clear endgame, driven by a mix of oil-related interests, ideological fixation, and presidential ego.
This high-risk move highlights the complex and often opaque nature of international relations, where multiple factors combine to produce unpredictable outcomes.
The presence of Venezuela's vast oil reserves does make Mr Trump's fixation understandable – but not sufficient to justify the high-stakes intervention. The country's heavy, expensive crude won't immediately revolutionize US energy systems or rescue refineries adapted to years without it. Instead, oil serves as a prize around which other agendas cohere.
These include lucrative profits for US firms, modest downward pressure on oil prices, and strategic moves against China, Cuba, and even the Cuban people in America's backyard. Each gain is small, but collectively they provide Mr Trump with a justification for a high-profile, theatrical – and unlawful – intervention that yields incremental economic returns.
The curse of Venezuela's oil has long been its own blessing and bane. Built on oil rents since the 1920s, the country's boom period overvalued its currency, leaving it import-dependent. A deal in the 1960s dividing hydrocarbon spoils among politicians further exacerbated this problem, making Caracas vulnerable when oil prices plummeted in the early 1990s.
History seems to be repeating itself, with this year's events mirroring those of 2002. The Bush administration covertly backed a business-led coup that briefly toppled Chávez. This experience left an indelible mark on Venezuela – hardening its regime and entrenching an ideological state machinery. The country's subsequent collapse after oil prices dropped, combined with corruption and patronage networks, eroded legitimacy.
Removing Mr Maduro won't solve the underlying issues; the system remains in place, controlled by Chavismo's networks of fixers and generals. Lifting US sanctions might boost growth, but taking a larger share of Venezuela's revenues from US oil majors could make Caracas even more strapped for cash. The decision to intervene was made without a clear endgame, driven by a mix of oil-related interests, ideological fixation, and presidential ego.
This high-risk move highlights the complex and often opaque nature of international relations, where multiple factors combine to produce unpredictable outcomes.