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Monday, March 2, 2026

Paul Krugman: The Emperor’s New Oil Wealth

The Emperor’s New Oil Wealth

The truth behind Trump’s black, sticky fantasy

When George W. Bush invaded Iraq in 2003, he claimed that the goal was to establish a democratic regime. Some members of his administration may even have believed that. But many leftist critics insisted that it was all about seizing Iraq’s oil.

Although I was an outspoken opponent of that war, and deeply cynical about the Bush administration’s motives, I never believed the “war for oil” story. The principal motivation for the war, I still believe, was to wag the dog — to use a showy military victory to secure Bush’s reelection. According to some political scientists, that was a mission the war did, in fact, accomplish.

Donald Trump’s Venezuela venture is a very different story. During his triumphalist press conference after the abduction of Nicolás Maduro, Trump never used the word “democracy.” He did, however, say “oil” 27 times, declaring, “We’re going to take back the oil that, frankly, we should have taken back a long time ago.”

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