Rep. Levin & Sen. Merkley Introduce New Bill to Prevent Taxpayer Dollars from Reimbursing Oil Companies in Venezuela

Washington, D.C.-Today, Rep. Mike Levin (CA-49) introduced the Protecting Taxpayers from Risky Investments in Venezuela Act to prevent American taxpayer dollars from being used to rebuild Venezuela's oil infrastructure without Congressional approval. Oregon Sen. Jeff Merkley introduced the Senate companion of this bill.

Following the U.S. military operation in Venezuela, President Trump stated that the United States would "run" Venezuela's oil sector and potentially "reimburse" U.S. oil companies for their investments. He further suggested that the Trump Administration would exercise total control over oil revenue generated in Venezuela. Independent analysts have found that, under current market conditions, oil companies do not have an incentive to invest substantially in Venezuela unless they are subsidized by the American public. At the same time, analysts have found that increased production in Venezuela is unlikely to bring down gas prices in the United States. At the recent White House meeting with oil executives, the CEO of Exxon stated that Venezuela is "uninvestable" without significant changes and assurances from the Trump Administration.

"President Trump's push to build out oil infrastructure in Venezuela and reimburse oil companies demands that Congress stand up and assert its power of the purse," said Rep. Levin. "Americans' money should never be used for backroom deals and taxpayers should not be on the hook for costly foreign projects that provide them no benefit. I'm proud to join Sen. Merkley in introducing this bicameral legislation to protect taxpayer dollars and the Constitution from abuse by the Trump Administration."

"American taxpayers have no business funding oil infrastructure in Venezuela," said Sen. Merkley. "Congress must pass our Protecting Taxpayers from Risky Investments in Venezuela Act to stand up to Trump's reckless vision of making Big Oil even richer at the expense of American families. In fact, Trump's plans could cost $100 billion to modernize Venezuela's oil infrastructure to make a big profit for Big Oil. I think every American can think of a lot of issues, including health care, housing, and American infrastructure, where that money can be a hell of a lot better spent."

At a time when millions of Americans cannot afford basic necessities, Congress must ensure taxpayer dollars are not being used on open-ended, risky foreign investments, and that U.S. foreign policy decisions are guided by national security interests and the Constitution rather than promises made after the fact.

The new bicameral legislation would protect taxpayers, uphold Congress's power of the purse, and avoid entangling the United States in uncertain foreign ventures.

The bill is endorsed by Sierra Club, League of Conservation Voters, Public Citizen, Friends Committee on National Legislation, Earthjustice Action, and Union of Concerned Scientists.

The Senate bill is co-sponsored by Senators Tim Kaine (D-VA), Bernie Sanders (I-VT), Ron Wyden (D-OR), Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), and Peter Welch (D-VT).

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