The Trump administration's plan to take a stake in tens of billions of barrels of Venezuelan oil reserves will hinge on a private company called North American Blue Energy Partners, the White House announced Monday.
Page F7From§Eachthe milkman edition — 1 September 2026
Pentagon joins Venezuelan oil deal as Trump pitches Hollywood tax breaks
The Pentagon’s entry into the Venezuelan oil deal, via North American Blue Energy Partners, is a ledger item with no shortage of zeroes. Meanwhile, Trump pitches federal tax incentives for the TV and movie industry. Both moves are justified on the grounds of strategic necessity and economic competitiveness, but the dollar flows are not incidental. Energy deals and entertainment subsidies appear on the same balance sheet, the former as a matter of national security, the latter as culture. The precise amount of federal support for these sectors is not disclosed in the stories, but the pattern is clear: the ask is met for oil and screen, while the public ledger for schools and infrastructure is marked ‘pending.’ The gap is the size of the receipts. No adjectives needed. The arithmetic is the story. Hon, the money’s there—it just doesn’t come with a lunch tray.
“The Pentagon’s got a hand in Venezuelan oil, and while the lights are on in Hollywood, Trump wants to sweeten the deal with a tax break. They tell you there’s no money for schools, but the oil and the movies get both barrels. The receipts play out on the ledger, not on Main Street.”
“You have to incentivize growth, and energy independence is absolutely crucial. The Pentagon’s involvement is just strategic planning, and the Hollywood tax breaks are about keeping America competitive. It’s not about picking winners and losers—unless, well, the winners are the industries that make America great. Did I say picking? No, we’re just facilitating.”
The receipts
The Defense Department’s Office of Strategic Capital, founded by the Biden administration to give loans to bolster the U.S. defense industry, is helping lead President Trump’s oil deal.
The proposal was quickly embraced by Democrats, particularly in California, who have otherwise been critical of the president.
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.