Trump Calls Venezuelan Oil the 'Spoils of War' as Treasury Deal Stays Opaque

At an August 5 rally in Las Vegas, Trump described Venezuelan oil revenue as "spoils" of the January 2026 U.S. military operation that removed President Nicolas Maduro, saying the war "lasted 48 minutes" and had paid for itself "many, many, many times" over. Under a deal struck after the operation, Venezuela's oil revenue is deposited into a U.S. Treasury-controlled account rather than transferred to U.S. ownership outright; officials including Treasury Secretary Scott Bessent and Secretary of State Marco Rubio have described the arrangement as custodial rather than confiscatory.

The Financial Times reported in July that more than $13 billion in Venezuelan oil sales had moved through the arrangement since January; Trump said the true figure was "even more than that." The administration has not published the underlying agreements or the quarterly audit reports it promised Congress in April.

Lawmakers from both parties, including Republican Rep. Maria Elvira Salazar, say they have not received the promised audit reports six months into the arrangement.