Seeking additional barrels of oil in Venezuela or digging for rare earths in ice-covered Greenland makes no sense from an economic or security point of view. And yet U.S. President Donald Trump persists, even though the costs massively outweigh the benefits.

In reality, naked resource grabs explain a lot about Trump’s dizzying foreign policy, perhaps even more so than other explanations that have been proposed. It seems Trump may have reached back even further in time for his guiding light than tariff-happy William McKinley and big-stick imperialist Theodore Roosevelt to the British and Dutch quasi-state mercantilist corporations that introduced much of the world to rapacious capitalism starting in the 17th century. The British and Dutch East India Companies did grab much of the world, usually at gunpoint. At least they got pepper, spices, and tea. All we have here is sulfurous oil and neodymium.

Seeking additional barrels of oil in Venezuela or digging for rare earths in ice-covered Greenland makes no sense from an economic or security point of view. And yet U.S. President Donald Trump persists, even though the costs massively outweigh the benefits.

In reality, naked resource grabs explain a lot about Trump’s dizzying foreign policy, perhaps even more so than other explanations that have been proposed. It seems Trump may have reached back even further in time for his guiding light than tariff-happy William McKinley and big-stick imperialist Theodore Roosevelt to the British and Dutch quasi-state mercantilist corporations that introduced much of the world to rapacious capitalism starting in the 17th century. The British and Dutch East India Companies did grab much of the world, usually at gunpoint. At least they got pepper, spices, and tea. All we have here is sulfurous oil and neodymium.

Gunboat diplomacy is back, only this time without the diplomacy.

Trump’s obsession with natural resources that the companies paid to extract them refuse to touch does raise several questions. Are these even the right resources to be grabbing? Is any of this legal? And most importantly, is any of this a remotely good way to promote the security of the United States?

When it comes to oil, which has been a Trump obsession for decades, the answer is clearly no.

Oil demand is a tricky thing to project into the future. Some forecasters expect global demand for oil to peak within five years, while others reckon fast-growing developing economies will still be thirsty into the next decade, requiring more wells and more production. Either way, oil from Venezuela and Greenland is not the answer.

Venezuela’s oil woes have been amply demonstrated. It’s an expensive thing to produce in a place with little security and less rule of law, especially with oil languishing in the mid-$50s a barrel. The chairman and........

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