Secretary of State Marco Rubio praised President Trump and his self-proclaimed “biggest oil deal in world history” with Venezuela this week, as Trump announced Friday that the U.S., “through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”
[NOTE: Earlier this month, the U.S. Strategic Petroleum Reserve hit its lowest level in more than 40 years.]
Rubio amplified the President’s social media post and added: “This deal is a huge win for both the American and Venezuelan people. It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home. For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”
This deal is a huge win for both the American and Venezuelan people.
It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.
For the Venezuelan… https://t.co/SMSRYGWmVb
— Secretary Marco Rubio (@SecRubio) August 28, 2026
Ricardo Hausmann, who teaches economic growth at Harvard’s Kennedy School, where he founded and directs the university’s Growth Lab, responded to Rubio, who led the talks with Venezuela’s acting president, Delcy Rodriguez.
Hausmann, who was born in Venezuela, wrote: “Secretary Marco Rubio: You have just lost any trust Venezuelans ever had on you, and it will come to haunt you. You opted to use US power, not to free Venezuelans, but to go to bed with our oppressors. You opted to push an asset grab, an unconstitutional deal with an illegitimate oppressive government, instead of using US leadership to re-establish constitutional rule and democracy first, and then deal with a legitimate government that could have made credible long-term commitments, in due course. This announced deal will not stand. Delcy, contrary to what your boss just stated [see below] is not ‘highly respected’ by any Venezuelan I know, or by any American outside of the Mar-a-lago [sic] kleptocracy. She has no legitimacy or constitutional power to commit Venezuela to any such deal.”
Hausmann continued: “Venezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last. No wonder you are using wanted criminals – like Alejandro Betancourt – to make this shameful deal. You are also preventing our leader – Maria Corina Machado – from returning to Venezuela, and you have conspired to delay elections and the return to democracy. Shameful.”
[NOTE: The Venezuelan businessman Betancourt was detained in Britain in 2025. The Washington Post reports that U.S. officials “lobbied to resolve the case in Switzerland in a way that would avoid criminal charges and end travel restrictions against the Britain-based businessman, Alejandro Betancourt, and they have not acted on a Swiss arrest warrant against him.”]
Before joining Harvard, Hausmann served as Venezuela’s minister of planning (1992-1993) and as a member of the board of the Central Bank of Venezuela. He later became the first chief economist of the Inter-American Development Bank.