Trump Promised Oil Chiefs $1 Billion Deal for Their Wish List, Now Venezuela's Resources at Stake, Critics Say

US Congressman Dan Goldman has accused President Donald Trump of rewarding oil executives with Venezuela's natural resources after they donated approximately £370 million ($500 million) to his campaign following promises of favourable policies, calling the military operation a violation of international law.

The New York Democrat released a scathing statement claiming Trump's 'true motivation' for the Venezuela operation was to seize the country's vast oil reserves 'as a favour to American oil executives who helped get him elected'. Goldman condemned what he called a 'blood for treasure' rationale, describing Trump's unilateral military operation as a violation of the US Constitution that 'should scare every American'.

Trump's Mar-a-Lago Fundraiser and $1 Billion Request

The accusations stem from a controversial April 2024 fundraiser at Trump's Mar-a-Lago Club where the then-presidential candidate met with approximately 20 top oil and gas executives. Trump explicitly requested £743 million ($1 billion) in campaign contributions from the industry executives in exchange for promises to roll back environmental regulations if elected.

'You all are wealthy enough' and 'you should raise $1 billion to return me to the White House', Trump reportedly told the assembled executives, adding that giving £743 million ($1 billion) would be a 'deal' because of the taxation and regulation he would help them avoid. Following the fundraiser, oil and gas tycoons made significant contributions to Trump's campaign, with the industry ultimately donating at least £56 million ($75 million) to his campaign and affiliated PACs.

'Blood for Treasure' Rationale Condemned

Goldman, who served as lead counsel in Trump's first impeachment inquiry, condemned what he called a 'blood for treasure' rationale. 'Such a rationale – blood for treasure – is unconscionable and anathema to every value this country holds dear,' the congressman stated. He described Trump's unilateral military operation as a violation of the US Constitution that 'should scare every American'.

The congressman added that the action 'has nothing to do with helping' issues central to Americans like groceries, healthcare, wages, or rent. 'Trump is taking us into uncharted territory now with taking over another country,' Goldman warned.

Trump announced on Saturday that the United States will 'run' Venezuela for an unspecified period. 'We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,' Trump said during a press conference at Mar-a-Lago.

Oil Industry Campaign Contributions Surge

Campaign finance records show the oil and gas industry dramatically increased its political spending during the 2024 election cycle. According to analysis from OpenSecrets, industry affiliates contributed at least £110 million ($147.7 million) to party committees and outside groups through October 2024, more than twice the £48.8 million ($65.9 million) donated during the entire 2020 election cycle.

Executives who attended Trump's oil industry fundraisers later made significant contributions to Trump-aligned political committees. Cheniere Energy CEO Jack Fusco donated £186,000 ($250,000) to the joint fundraising Trump 47 Committee in June, whilst Energy Transfer Partners CEO Kelcy Warren gave £3.7 million ($5 million) to Trump's 2024 presidential campaign.

Congressional Democrats Launch Investigations

Senate Finance Committee Chair Ron Wyden and Senate Budget Committee Chairman Sheldon Whitehouse launched a joint investigation into what they described as Trump's 'quid pro quo propositions to Big Oil executives'. 'This policies-for-money transaction is particularly concerning given other reports that the oil and gas industry is drafting ready-to-sign executive orders eviscerating environmental policies,' the senators stated.

Goldman is among several Democratic lawmakers who have condemned the Venezuela operation as unconstitutional. 'Congress has the sole power to declare war, and Congress has not done so, nor have we been provided with any satisfactory explanation for the President's invasion of another sovereign nation. This violation of the United States Constitution is an impeachable offense,' he said.

Venezuela's Oil Riches

Venezuela, a founding member of OPEC, possesses the world's largest proven oil reserves at 303 billion barrels, representing approximately 17 per cent of global reserves. However, years of underinvestment and economic sanctions have left the country's oil infrastructure in disrepair, with current production standing at around 800,000 barrels per day, well below its 1990s peak of 3.5 million barrels per day.

The question of whether political contributions influence policy decisions remains a contentious issue in American democracy, with campaign finance reform advocates calling for stricter limits on corporate political spending.