Trump considering oil embargo, recognition of Juan Guaido as Venezuela’s legitimate President
President Trump is reportedly considering the possibility of recognizing the President of the Venezuelan National Assembly and leader of the political opposition bloc as the country’s legitimate president, according to several sources. President Trump is also reportedly considering a full embargo against Venezuelan oil, which would increase US gas prices by around 15 cents for 6 months, according to a senior administration official. Current Venezuelan President Nicolas Maduro (successor to Hugo Chavez) was sworn in for a new term last week after an May 2018 election boycotted by the opposition and widely criticized as fraudulent. The results have not been recognized by the Organization of American States, who voted 19-6 against recognizing Maduro’s government. Paraguay has gone as far as to cut off diplomatic ties and close its embassy. Venezuela’s constitution reads that the President of the National Assembly is to fill the presidency in the case of a vacancy, which has occurred since the fraudulent election, argues the country’s opposition. Any further measures that the US takes against the Venezuelan regime will further destabilize it until it either descends further into an authoritarian crackdown or the current regime is overthrown or reaches an unlikely compromise with the opposition.