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US controls $13 billion in Venezuelan oil revenues with little transparency, raising congressional concerns

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The Trump administration has generated more than $13 billion in revenue from Venezuelan oil sales this year but has provided almost no public explanation regarding the final destination or usage of these funds.

The Financial Times (FT) calculated Venezuela’s estimated oil revenues using data on crude oil shipments from the country since January, compiled by the shipping and data analytics platform Kpler.

To determine these figures, the FT utilized price assessments from the pricing agency Argus Media for Merey crude—an extra-heavy grade produced in Venezuela—as well as Boscan and Hamaca, two less common Venezuelan crude grades.

The pricing data does not cover all varieties of Venezuelan petroleum and begins only from February onward.

The value of the barrels shipped since January for which direct price estimates are available currently stands at approximately $11.5 billion.

However, based on historical pricing trends, it is estimated that the barrels without established price assessments bring the total figure to more than $13 billion.

The Venezuelan government established a website to track the revenue generated from US-managed oil sales, but the site currently contains only a single entry: a $300 million transfer completed in March.

The US seized control of Venezuela’s oil exports and suspended certain sanctions in January, after removing Nicolás Maduro and installing Vice President Delcy Rodríguez as leader.

Oil revenues account for approximately one-quarter of Venezuela’s GDP. The easing of sanctions was widely expected to provide a significant boost to an economy that was in crisis even before the devastating earthquakes that struck the country last month.

However, six months after the US seized control of the funds, economists point out that evidence of an economic recovery in Venezuela remains relatively weak.

This lack of recovery is seen as a potential sign that Washington is not returning the entirety of the revenues to Caracas.

Washington has offered contradictory explanations regarding what it has done with the money, ranging from a presidential executive order describing its role as maintaining “calm” to statements by President Donald Trump asserting that the US has “made a lot of money” from Venezuelan oil.

US lawmakers from both political parties have begun pressing the administration to clarify where the money has gone and what measures are in place to prevent corruption during its allocation.

Joaquin Castro, a prominent Democratic Congressman, told the FT that Congress has been “kept in the dark” on the matter.

“Trump’s intervention in Venezuela has been about oil, power, and corruption from the very beginning; billions of dollars in Venezuelan oil revenue are being controlled by the Trump administration without transparency or safeguards,” Castro said.

During a hearing on Tuesday, Representative María Elvira Salazar, a Republican from South Florida, called for the public release of reports on these funds, emphasizing “the importance of transparency regarding where the money is going.”

The fate of Venezuela’s oil revenues has become an even more urgent issue following two devastating earthquakes on June 24. The UN estimates that the cost of damage to buildings and infrastructure alone will reach $37 billion.

Benjamin Gedan, a former senior official responsible for Latin America at the White House during the Obama administration, said that Democrats could investigate the oil funds if they win control of one or both chambers of Congress in November.

“This would be a really juicy target. You can anticipate a lot of subpoenas and requests for testimony regarding the distribution of Venezuelan oil revenues,” Gedan said.

Shortly after the January intervention, President Trump stated that the revenues would be under his control. Since then, the administration has issued a series of conflicting statements on how the oil funds might be utilized.

The initial executive order issued in January stated that the funds belong to the government of Venezuela and would be held in US government accounts in a “fiduciary and official capacity.”

Conversely, the US Department of Energy stated that the funds would be distributed “for the benefit of the American people and the Venezuelan people.”

In June, Trump stated that the US had recovered the cost of its military operation in Venezuela “28 times over” through oil, adding that the US “also made a lot of money.”

“It took 48 minutes to win that war. We brought out millions of barrels of oil,” Trump said.

In April, senior State Department official Michael Kozak said that approximately $3 billion in oil revenues had been sent to Venezuela and that the accounting firm KPMG was auditing the bank accounts.

Kozak stated that the administration would submit quarterly reports on the funds, but Democrats on the Foreign Affairs Committee say they have received no information since then.

US officials indicate that control of the oil funds is being used to exert pressure on Rodríguez, who currently governs the country partly under instructions from Washington.

During a congressional hearing last Wednesday, Kozak said: “It is their money but… they need our permission.”

The official noted that funds have been released to cover expenses such as public sector salaries and oil industry equipment.

The State Department stated that under this system, “billions of dollars have been injected into the Venezuelan economy,” adding that “financial monitoring continues to ensure the funds benefit the Venezuelan people.”

Given that Venezuela was forced to sell its oil at a steep discount on international markets to bypass US sanctions until January, many economists expected the country to experience a robust economic recovery this year. The government introduced a new resource law to encourage oil and gas investment, and production has increased this year.

However, Francisco Rodríguez, a Venezuelan economist at the Center for Economic and Policy Research in Washington, pointed out that the official first-quarter growth rate was 2.5%, representing the lowest level in five years.

“Venezuela likely did not grow faster in the first quarter, despite rising oil revenues, because the US did not transfer all of the increased oil revenues to the Venezuelan government,” Rodríguez said.

José Guerra, a Venezuelan economist and former opposition lawmaker, said that oil revenues should be significantly higher than in recent years. “Where is the money? There is no transparency, and the US government is not giving us information,” he said.

Alejandro Grisanti, director of Ecoanalítica, a consultancy specializing in Venezuela, noted that there have been signs of large-scale dollar inflows over the past two months.

Grisanti expected the economy to accelerate in the fourth quarter of the year, but said the earthquake would likely delay this recovery until the middle of next year.

Since the earthquake, Rodríguez has been lobbying for access to funds held abroad, including assets held by the IMF and Venezuelan gold held in the custody of the Bank of England pending the outcome of a lawsuit.

The US has set aside a $386 million aid package for disaster relief and has deployed hundreds of troops to Venezuela to assist with relief efforts.

John Barrett, the US Chargé d’Affaires in Caracas, stated this month that money from the oil revenue accounts has also been “allocated for this specific reconstruction effort,” though he did not specify the amount.

US officials noted that the estimated oil revenue figure does not include revenues from mining exports, a portion of which has also been collected by the government.

America

Musk boosts Republican midterm funding despite pledge to curb spending

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The world’s richest person, Elon Musk, has donated $276 million over the past three months to political action committees and conservative organizations supporting Republicans ahead of the upcoming US midterm elections.

The latest transfer brings the total midterm donations from Musk, the chief executive of Tesla and SpaceX, to $366 million.

First reported by The New York Times, the figures were confirmed to The Hill by a spokesperson for America PAC, which Musk founded. These latest expenditures establish Musk as the largest known donor of the 2026 midterms.

The bulk of Musk’s financial backing between July and September was directed towards congressional races.

The US billionaire transferred $158 million to the Senate Leadership Fund, a super PAC supporting Republican Senate candidates, and $20 million to the Congressional Leadership Fund, which finances House Republicans.

Millions divided among various committees

Musk, who provided more than $76 million during the period to America PAC, an entity he founded during the 2024 election cycle, also funded state-level contests.

The businessman transferred $10 million to the Lone Star Liberty PAC, which supports Texas Republican Senate candidate Ken Paxton, while donating $10 million to the Republican Governors Association and $2 million to the Republican Attorneys General Association.

In statements given to The New York Times and confirmed by The Hill, America PAC spokesperson Andrew Romeo argued that if Democrats take control in Washington and win critical state races, the country faces the risk of becoming one with indefensible borders.

Romeo said the investments enable the Republican apparatus to deliver its messages to voters.

Field spending continues despite talk of retreat

Musk, who kept his distance from politics for many years, entered the arena by spending hundreds of millions of dollars for Donald Trump during the 2024 election.

Accompanying Trump on campaign trails, Musk subsequently took charge of the Department of Government Efficiency (DOGE), which sparked controversy through federal employment and budget cuts.

Musk stepped down from his White House role in late May 2025 and remained politically quiet for months following a public rift with Trump.

After announcing last May that he would sharply scale back his political spending, Musk told The Economist in a July interview that he had become overly involved in politics and had gone too far.

Despite those remarks, Musk pressed ahead with political activity in July by authorizing America PAC to spend between $100 million and $120 million on a fresh field operation aimed at driving conservative voter turnout in the 2026 midterms.

Having repaired ties with Trump following their public spat, Musk joined the US president on an official visit to China in May and was also present during Chinese President Xi Jinping’s visit to Washington last month.

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Trump weighs presidential memorandum to cut surging US diesel prices

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US President Donald Trump is reportedly preparing to issue a new presidential directive soon in a bid to rein in escalating diesel prices across the country.

According to a report by the Reuters news agency citing three oil industry sources, the White House is weighing the enactment of the prepared package of measures directly in the form of a presidential memorandum.

The memorandum in question will reportedly instruct multiple US federal agencies to find and implement ways to lower diesel fuel costs, primarily by expanding oil extraction operations and refinery output.

White House plans to deploy Defense Production Act

According to information shared in the report, the Trump administration is exploring legal avenues to overcome restrictions imposed on energy production by state administrations and local government authorities.

The administration could reportedly invoke the Cold War era Defense Production Act to that end.

The legislation in question grants the US president the authority to provide state loans and financial guarantees to expand the production of materials of strategic importance. The law also makes it possible to require private companies to prioritise government orders.

Reuters reported that the White House is comprehensively examining the prospect of putting this legal mechanism into effect.

In contrast, oil refinery executives were noted to have made a recommendation to government officials last month.

Industry representatives suggested allocating federal budget resources toward modernising existing operational refineries and expanding their capacity, rather than establishing new facilities from scratch.

Plant managers stated that building new facilities would require substantially more time and higher costs.

The Wall Street Journal newspaper also highlighted in a report published in mid September that US-based oil companies were warning of the onset of a global fuel crisis.

The newspaper noted that during the period in question, diesel prices broke records, whilst the price per barrel of crude oil approached the $101 mark.

American Automobile Association (AAA) data show that as of Thursday, 8 October, the average diesel fuel price nationwide stood at $6.28 per gallon (approximately 3.8 litres).

High fuel costs pose risk ahead of congressional elections

It was pointed out that the increase in diesel fuel prices creates political risks for the Republican Party ahead of the congressional elections to be held on 3 November.

It was noted that the outcome of the vote will determine whether Republicans can maintain their majority in Congress.

Because diesel is heavily consumed in freight transport, the agricultural sector, and home heating in particular, price rises in the fuel were stressed as driving headline inflation higher.

Trump previously announced that he had reached an understanding with Russian President Vladimir Putin regarding the supply of Russian diesel fuel to both the American and global markets. The US president also thanked Putin for the arrangement concerning Russian diesel.

The US Department of the Treasury extended a temporary waiver licence permitting commercial transactions involving Russian diesel fuel until 7 April 2027.

Under the delivery schedule shared by Donald Trump, Russia will immediately ship more than 300,000 tonnes of fuel.

Shipments will reportedly continue with 500,000 tonnes in November, followed by the delivery of an additional 1 million tonnes of fuel. Over the remainder of the process, Moscow could send a further 3 million tonnes of diesel depending on the overall technical condition of refineries.

Following the announcement of the consensus between the two leaders, US diesel futures fell by approximately 5% to reach $4.64 per gallon.

Meanwhile, energy analysts consulted by Reuters express doubt as to whether the additional shipments arriving from Russia will suffice to secure a lasting price decline across the markets.

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Thiel targets Pope and Obama over AI in new ‘Antichrist’ lectures

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Peter Thiel has argued that former President Barack Obama and Pope Leo XIV are stoking public fears over artificial intelligence merely to enhance their own popularity.

In newly disclosed “Antichrist” lectures obtained by Politico, Thiel specifically targeted the two leaders while warning against the Antichrist, which he sees as halting technological progress and advocating a regulatory “one-world government”.

“A lot of people know that AI is politically unpopular, and they want to use that to boost their own popularity,” Thiel reportedly said during his address in Nashville.

Thiel continued:

“Both Obama and the pope fall into this category. Obama knows that Democrats have no ideas, but at least they can oppose AI.”

Obama recently called on Democrats to develop a comprehensive approach to the regulation of artificial intelligence.

Referring to Leo’s first encyclical on AI, “Magnifica Humanitas”, Thiel said: “The Church needed a politically popular issue to divert attention from child sexual abuse scandals, and it found it in AI.”

On the pontiff, he stated verbatim:

“AI is the greatest threat to late modernity. The pope realizes this. That is why he wrote his first encyclical… The Church needed a politically popular issue to divert attention from child sexual abuse scandals, and it found it in AI.”

In recent months, Pope Leo has gone on the offensive against artificial intelligence. The leader of the Catholic world recently said that this technology could create a “paradise of machines” that could endanger humanity.

Thiel’s relationship with the Catholic Church is fraught. This spring, largely in response to Thiel’s earlier lectures on the “Antichrist”, Vatican adviser Father Paolo Benanti penned an article entitled “The American Heresy: Should We Burn Peter Thiel?”

Throughout the lectures, Thiel framed familiar technology debates in religious terms.

Citing Matthew 24:24, for instance, the investor quoted:

“For false christs and false prophets will arise and perform great signs and wonders, so as to deceive, if possible, even the elect.”

Regarding this verse, he asked in Nashville: “And what about the psychology of the Antichrist? Could he see himself as the Christ?”

In his Nashville lectures, he also delved into the concept of the “Katechon”, drawn from the Second Epistle to the Thessalonians, which restrains the arrival and rise to power of the Antichrist.

Figures who may have briefly assumed the role of the Katechon throughout history included Charlemagne and Klemens von Metternich.

“If anti-communism is the Katechon holding back communists trying to create a communist one-world state, then neoliberalism is anti-communism in a world without communists,” Thiel said.

In both San Francisco and Nashville, Thiel devoted a significant portion of his opening lecture to addressing “effective altruism”.

This ideology rests on the premise that human beings should always act to minimise existential risk to the species and maximise positive long-term impact.

Many effective altruists and affiliated groups are based in San Francisco and work on artificial intelligence research.

In Nashville, Thiel criticised their ideas. This stance reflects the fact that they have dominated much of the recent AI safety debate, showing Thiel’s concern over the growing influence of this group.

Thiel stated:

“One reason [the effective altruists’] strategy works, of course, is that an apocalypse is impossible to undo. You only have one planet. Even Greta [Thunberg] was right about that. … So you can’t just ignore the risks. But we must also take seriously that when you establish a near-totalitarian one-world government empowered to stop all dangerous scientific work, undoing that will not be easy either… There is no historical example suggesting this global warden would willingly surrender power. Effective altruist ideology has brainwashed a significant portion of the people working on AI.”

The remarks delivered by Thiel in his lectures on 28 September and on Monday provide a rare glimpse into the conservative tech billionaire’s shifting political priorities over time.

Thiel’s opposition to regulation is not new. That perspective is widely shared among Silicon Valley venture capitalists.

What distinguishes Thiel from his peers in the conservative tech sector is his decision to frame political disputes in religious terms while simultaneously attacking the leader of the Catholic Church.

This shift could reverberate across the political arena. Thiel was an early backer of President Donald Trump and served as a major financial sponsor of Vice President JD Vance’s transition from venture capital into politics.

Politico noted that Thiel’s attacks on the church could complicate matters for Vance, a Catholic convert.

Democrats positioning themselves for the 2028 presidential election have already begun targeting Vance over his ties to the billionaire investor.

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