The Caracas Tycoon Behind Trump's Venezuela Oil Gamble

Axios details how Alejandro Betancourt, a Caracas oil magnate with a long history of U.S. ties and legal scrutiny, has become central to a Pentagon‑backed plan to keep Venezuela’s oil flowing. The deal would grant Caracas roughly 16% to 40% of production and taxes, while the U.S. would hold a 35% equity stake and take 20% of after‑tax oil at production cost; Betancourt’s Blue Energy Partners would gain access to 17 fields, with U.S. officials backing the arrangement. The backstory includes Betancourt’s role as a go‑between in a proposed nonviolent transition, his past asset seizures and money‑laundering probes, and Maduro’s reconciliation that allowed his return. Critics call the plan unworkable and potentially kleptocratic, though supporters argue Betancourt is key to energy security.