What oil executives did suggest to Trump on Friday was that they would quite like to be repaid for their losses from the 2007 nationalization of their companies from the sale of Venezuelan oil Trump has promised to control. ConocoPhillips, for example, claims it is owed about $12 billion. “We’re not going to look at what people lost in the past, because that was their fault,” Trump told them. “That was a different president. You’re going to make a lot of money, but we’re not going to go back.”

Yesterday the government made public an executive order President Donald J. Trump signed on Friday, declaring yet another national emergency—his tenth in this term, by my count—and saying that any use of the revenue from the sale of Venezuelan oil to repay the billions of dollars owed to oil companies “will materially harm the national security and foreign policy of the United States.”

Specifically, the executive order says, such repayment would “interfere with our critical efforts to ensure economic and political stability in Venezuela” and, by extension, jeopardize U.S. foreign policy objectives including “ending the dangerous influx of illegal immigrants and the flood of illicit narcotics;…protecting American interests against malign actors such as Iran and Hezbollah; and bringing peace, prosperity, and stability to the Venezuelan people and to the Western Hemisphere more generally.” So, it appears, Trump wants to retain control of the money from the sale of Venezuelan oil.

Jeff