This Is So Much Worse Than They Thought

Months after U.S. forces captured Nicolás Maduro, the Trump administration is pressing American oil companies to invest heavily in rebuilding Venezuela’s deteriorated petroleum infrastructure, with Trump publicly discussing roughly $100 billion in potential investment. Exxon, Chevron and other industry executives have expressed varying levels of caution, while Sen. Peter Welch and other lawmakers warned the companies that the president lacks authority to guarantee taxpayer compensation if those investments fail. Economist Paul Krugman argues that the broader strategy revives an old model of extracting wealth through geopolitical power, while the administration says expanded oil production would benefit both the United States and Venezuela. Ring of Fire's Josh G. explains.