US Oil Companies and Trump’s Venezuela Plans
- President Trump met with oil industry executives Friday and called for significant investment in Venezuela, outlining a plan to gain control of teh country's oil sales.
- The meeting took place at the White House, where Trump presented the opportunity to companies, emphasizing that others would step in if they declined. According to NPR's Camila...
- If we don't make a deal, you won't be there at all.It's,you know,sort of interesting."
Trump Urges Oil Companies to invest in Venezuela
President Trump met with oil industry executives Friday and called for significant investment in Venezuela, outlining a plan to gain control of teh country’s oil sales. He stated U.S. oil companies could spend at least $100 billion on Venezuelan oil development without government funding.
The meeting took place at the White House, where Trump presented the opportunity to companies, emphasizing that others would step in if they declined. According to NPR’s Camila Domonoske, the president indicated a long-term presence in Venezuela was contingent on securing a deal.
“If we make a deal, you’re going to be there a long time. If we don’t make a deal, you won’t be there at all.It’s,you know,sort of interesting.”
– President Donald Trump
While several executives expressed interest, no firm commitments were made. Companies like ExxonMobil are wary of repeating past losses incurred when the Venezuelan government previously renegotiated contracts. ExxonMobil CEO Darren Woods referenced prior asset seizures.
The White House meeting signals a push by the Trump administration to leverage Venezuela’s oil reserves, but the success of this plan hinges on securing private sector investment despite past financial risks.