WEST PALM BEACH, Fla.\u00a0\u2014\u00a0President Trump\u2019s new executive order on Venezuelan oil revenue is meant to ensure that the money remains protected from being used in judicial proceedings.<\/p>\n
The executive order, made public Saturday, says that if the funds were to be seized for such use, it could \u201cundermine critical U.S. efforts to ensure economic and political stability in Venezuela.\u201d<\/p>\n
The order comes amid caution from top oil company executives that the tumult and instability in Venezuela could make the country less attractive for private investment and rebuilding.<\/p>\n
\u201cIf we look at the commercial constructs and frameworks in place today in Venezuela, today it\u2019s uninvestable,\u201d said Darren Woods, chief executive of ExxonMobil, the largest U.S. oil company, during a meeting convened by Trump with oil executives Friday.<\/p>\n
During the session, Trump tried to assuage the concerns of the oil companies and said the executives would be dealing directly with the U.S., rather than the Venezuelan government. <\/p>\n
Venezuela has a history of state asset seizures, ongoing U.S. sanctions and decades of political uncertainty.<\/p>\n
Getting U.S. oil companies to invest in Venezuela and help rebuild the country\u2019s infrastructure is a top priority of the Trump administration after the U.S. invasion and capture of its president, Nicol\u00e1s Maduro.<\/p>\n
The White House is framing the effort to \u201crun\u201d Venezuela in economic terms, and Trump has seized tankers carrying Venezuelan oil, has said the U.S. is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, and plans to control sales worldwide indefinitely.<\/p>\n
\u201cI love the Venezuelan people, and am already making Venezuela rich and safe again,\u201d Trump wrote on his social media site Saturday. \u201cCongratulations and thank you to all of those people who are making this possible!!!\u201d<\/p>\n
The order says the oil revenue is property of Venezuela that is being held by the United States for \u201cgovernmental and diplomatic purposes\u201d and not subject to private claims.<\/p>\n
Its legal underpinnings are the National Emergencies Act and the International Emergency Economic Powers Act. Trump, in the order, says the possibility that the oil revenues could be caught up in judicial proceedings constitutes an \u201cunusual and extraordinary threat\u201d to the U.S.<\/p>\n
Kim writes for the Associated Press. <\/p>\n","protected":false},"excerpt":{"rendered":"WEST PALM BEACH, Fla.\u00a0\u2014\u00a0President Trump\u2019s new executive order on Venezuelan oil revenue is meant to ensure that the…\n","protected":false},"author":2,"featured_media":128484,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[9238,7363,66292,66290,48,52,51,47,50,49,66289,8068,66291,9355,66288,3020,5589,1519,2281,9298,66287],"class_list":["post-128483","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-chief-executive","tag-country","tag-instability","tag-judicial-proceeding","tag-la","tag-la-headlines","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news","tag-new-executive-order","tag-oil-company","tag-ongoing-u-s-sanction","tag-order","tag-place-today","tag-president-trump","tag-sale","tag-trump","tag-u-s","tag-venezuela","tag-venezuelan-oil-revenue"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/128483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=128483"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/128483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/128484"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=128483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=128483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=128483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}