The Imperial Objectives of America's Oil War, from Venezuela to Iran
As published at the Democracy Collective
American officials are remarkably straightforward in describing their strategy to maintain U.S. imperial power. "Dollar dominance is essential," Treasury Secretary Scott Bessent stated on June 24, 2026 in a television interview. The reason why the United States imposed trade and financial sanctions on Venezuela, he explained, was that it was "selling discounted oil to China and not getting dollars." A country that did not price oil in dollars and invest the proceeds in dollar accounts was a threat to the U.S.