President Donald Trump asserted that the U.S. took Venezuelan oil, telling a crowd in Las Vegas, "To the victor belong the spoils." He referenced a brief conflict lasting 48 minutes, claiming the war was paid for multiple times over by seized resources.

Shortly after the U.S. military operation in Venezuela on January 3, 2026, the United States and Venezuela agreed to place sanctioned Venezuelan oil revenues under U.S. control. Initially, the funds were held in a secretive account in Qatar, which Secretary of Energy Chris Wright announced was being closed after $500 million had passed through it.

In April 2026, the State Department and the Venezuelan government announced they had hired outside auditors to oversee the funds. Congressman Rubio informed Congress in June that audits would be ongoing, covering every expenditure and disbursement. The Venezuelan government also launched a website called Transparent Sovereignty to publish oil transaction details. According to this site, $300 million from fuel oil revenues was allocated to pay for a minimum wage increase announced in April.

However, despite promises to produce quarterly audit reports, the Trump administration had not provided any to Democrats on the House Foreign Affairs Committee as of July 22, according to the Financial Times.

Additionally, U.S. officials reportedly threatened to cut off Iraqi oil funds after the November 2025 elections if the winning parties appointed undesired cabinet members, Reuters reported.

Trump's remarks and the handling of Venezuelan oil revenues highlight ongoing concerns about the U.S. Treasury's control and accountability over foreign assets.

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