Venezuela has become a key battlefield in the global battle for energy dominance. From Pepe Escobar at strategic-culture.org:
Cold War 2.0 has hit South America with a bang – pitting the US and expected minions against the four key pillars of in-progress Eurasia integration: Russia, China, Iran and Turkey.
It’s the oil, stupid. But there’s way more than meets the (oily) eye.
Caracas has committed the ultimate cardinal sin in the eyes of Exceptionalistan; oil trading bypassing the US dollar or US-controlled exchanges.
Remember Iraq. Remember Libya. Yet Iran is also doing it. Turkey is doing it. Russia is – partially – on the way. And China will eventually trade all its energy in petroyuan.
With Venezuela adopting the petro crypto-currency and the sovereign bolivar, already last year the Trump administration had sanctioned Caracas off the international financial system.
No wonder Caracas is supported by China, Russia and Iran. They are the real hardcore troika – not psycho-killer John Bolton’s cartoonish “troika of tyranny” – fighting against the Trump administration’s energy dominance strategy, which consists essentially in aiming at the total lock down of oil trading in petrodollars, forever.
Venezuela is a key cog in the machine. Psycho killer Bolton admitted it on the record; “It will make a big difference to the United States economically if we could have American oil companies invest in and produce the oil capabilities in Venezuela.” It’s not a matter of just letting ExxonMobil take over Venezuela’s massive oil reserves – the largest on the planet. The key is to monopolize their exploitation in US dollars, benefitting a few Big Oil billionaires.
Once again, the curse of natural resources is in play. Venezuela must not be allowed to profit from its wealth on its own terms; thus, Exceptionalistan has ruled that the Venezuelan state must be shattered.
In the end, this is all about economic war. Cue to the US Treasury Department imposing new sanctions on PDVSA that amount to a de facto oil embargo against Venezuela.