NEWS: Sen. Schiff, Senate Democrats Demand Senior White House Officials Disclose Financial Stakes in Venezuela Oil Profiteering

Senators' inquiry comes as administration convenes oil companies to discuss oil extraction, and as first sale of U.S.-controlled Venezuelan oil goes to company with a history of millions in political donations to Trump campaign

Washington, D.C. - Today, U.S. Senator Adam Schiff (D-Calif.) and 13 Senate Democrats called on the White House to disclose the financial stake that senior administration officials have in companies that stand to profit from the extraction and sale of Venezuelan oil under United States control.

The Senators specifically demand immediate transparency on the financial ties officials have to oil companies with whom the White House has communicated in the aftermath of Donald Trump's announcement that the United States would take over sales of Venezuela's oil, including businesses that have a history in Venezuela or could see new revenue from the seizure of Venezuela's oil assets.

"Given the urgency of the matter and the enormous risk of profiteering and corruption, the Administration has a heightened obligation, beyond existing financial disclosure requirements, to clarify for Congress and the American public whether and to what extent the financial ties described above exist," the Senators wrote.

The Senators also seek information about officials' ties to companies with a history of political support of Donald Trump's campaign, inauguration, and vanity projects like his ballroom.

The expanded purview comes as the first sale of U.S.-controlled oil goes to Vitol, a company with a history of more than $6 million in political donations to committees supporting Donald Trump. The administration has been working with both Vitol and Trafigura to facilitate Venezuelan oil sales, even though both foreign companies have troubling histories of criminal and civil penalties, bribery, market manipulation, and corruption, including violations of the Foreign Corrupt Practices Act.

The inquiry was signed by Schiff, Democratic Leader Chuck Schumer (D-N.Y.), and Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Mazie Hirono (D-Hawai'i), Tim Kaine (D-Va.), Andy Kim (D-N.J.), Ed Markey (D-Mass.), Jeffrey Merkley (D-Ore.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), Pete Welch (D-Vt.), and Ron Wyden (D-Ore.).

The full text of the letter sent to the White House can be found here and below.

Dear Ms. Wiles:

In light of the President's stated objective of controlling Venezuela's oil resources and the Administration's initial steps to do so, it is imperative that senior Administration officials immediately disclose any financial interests in companies involved in the extraction, processing, or sale of Venezuelan oil, as well as any private contractors that may be involved in security, logistics or other services in support of the U.S. military operation. The Administration must also apply strict guardrails and transparency measures to prevent profiteering moving forward.

On January 6, 2026, the President announced that the United States will be taking over the sales of Venezuelan oil. The same day, President Trump, Vice President Vance, National Security Advisor and Secretary of State Marco Rubio, and several Cabinet officials met with oil and gas executives at the White House to press their companies to invest in Venezuelan infrastructure for the purpose of extracting and selling the country's oil resources.

In particular, it is incumbent on the Administration to be fully transparent with the American people and disclose immediately any and all financial ties, personal investments, or side arrangements Administration officials may have in or with companies or other entities with existing or anticipated business involving Venezuelan oil, including but not limited to companies that attended the January 6, 2026, meeting at the White House: Chevron, ExxonMobil, Conoco Phillips, Continental Resources, Halliburton, HKN Inc., Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy, and Hilcorp. Similarly, given reports that the Department of Defense last week put out a Request for Information from private contractors "about their ability to support possible U.S. military operations in Venezuela," Administration officials must disclose any financial connections to these organizations. These immediate disclosures must also be reflected, as appropriate, in the annual and transaction reports required under the Ethics in Government Act.

Additionally, Congress and the American people deserve full transparency regarding any financial commitments, promises, deals, or other arrangements related to Venezuela that could favor donors to the President's campaign and political operation, presidential transition, inaugural fund, ballroom project, or Presidential library given growing indication and concern that several may stand to benefit financially from U.S. Government direct or de facto control of oil resources in Venezuela. For example, in November 2025, the private investment firm of Paul Singer, a major contributor to the President's campaign, acquired Citgo, the US-based subsidiary of Venezuela's state-run oil company. Citgo's refinery facilities were designed to process Venezuela's heavy sour crude. According to reporting, other investment firms are involved in these dealings, including Apollo Global Management, Oaktree Capital Management, and Silver Point Capital. Further, it has been reported that the first sale of U.S.-controlled Venezuelan oil was awarded to Vitol, whose representative at the January 6 meeting donated at least $6 million to political action committees supporting President Trump's campaign.

Given the urgency of the matter and the enormous risk of profiteering and corruption, the Administration has a heightened obligation, beyond existing financial disclosure requirements, to clarify for Congress and the American public whether and to what extent the financial ties described above exist and the concrete measures implemented, if any, to prevent the personal financial enrichment of the President and Administration officials. Such financial ties and any corrupt dealings or profiteering, moreover, will be subject to ongoing scrutiny and may lead to future accountability measures.

Public trust demands clarity and transparency with Congress and the American people, and we look forward to your response.

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