US HB7038

Prohibits all U.S. government funds from financing, subsidizing, insuring, guaranteeing, or otherwise supporting Venezuela's oil infrastructure or petroleum sector development, maintenance, or expansion

Covers construction, real property purchases, insurance costs, loan guarantees, tax incentives, royalty relief, and payments to individuals or corporations related to Venezuelan oil operations

Bans U.S. government officers and employees from providing advocacy, promotion, or support for Venezuela's petroleum sector at international financial institutions, multilateral organizations, or diplomatic forums

Allows an exception only for expenditures explicitly authorized by a future Act of Congress passed after this bill's enactment

Requires the Secretary of State to submit annual reports to congressional committees within 180 days of enactment, describing any Venezuela oil-related activities and certifying compliance