US, Jan 10 : President Donald Trump on Friday said his administration’s decision to revive Venezuela’s oil industry is aimed at lowering energy prices in the United States while reinforcing American energy strength and security.
Addressing senior oil and gas executives at the White House, Trump said Venezuelan crude would add to global supply and directly benefit US refiners.
“One of the things the United States gets out of this will be even lower energy prices,” Trump said, citing petrol prices currently ranging between USD 1.92 and USD 1.99 per gallon, compared with levels above USD 4 in previous years.
Trump said US refineries were well-equipped to process Venezuelan heavy crude. “We have the refining capacity,” he said. “It was actually based very much on the Venezuelan oil.”
Energy Secretary Chris Wright said US oil and gas production had reached record highs, arguing that past sanctions on Venezuela failed to stop oil exports while harming ordinary citizens.
“That oil just floated out,” Wright said, adding that sanctions had proven ineffective.
US firms pledge major investment
Trump said American oil companies would invest at least USD 100 billion in rebuilding Venezuela’s energy infrastructure, stressing that the funding would come from private sources.
“They’re going to make a lot of money. They’re going to get their money back,” he said.
Vice President JD Vance linked the plan to broader security goals, including efforts to curb drug trafficking. “It’s going to make our country richer. It’s going to make our country more powerful,” Vance said.
Trump said economic gains from the initiative would translate into lower taxes and more jobs for Americans.
Before sanctions disrupted trade, Venezuela was a major supplier of crude to US refineries, and global oil supply remains a key factor influencing American fuel prices.
Oil majors signal readiness
Executives from major US energy companies said they were ready to invest billions in Venezuela, citing new security assurances and political backing from Washington.
Chevron Vice Chairman Mark Nelson said the company already had a significant presence in the country, employing about 3,000 people across four joint ventures.
Production, he said, had increased from around 40,000 barrels per day to 240,000 barrels per day and could rise quickly. Chevron could double its output “essentially effective immediately,” with further growth possible within 18 to 24 months.
ExxonMobil CEO Darren Woods said legal and commercial reforms would be critical before large-scale investment could proceed.
“If we look at the legal and commercial frameworks in place today in Venezuela, it’s uninvestable,” Woods said, adding that a technical team could be deployed within weeks if conditions improved.
ConocoPhillips CEO Ryan Lance praised the administration’s approach, saying it had restored hope to Venezuelans, while Halliburton CEO Jeff Miller said the company was eager to return after exiting the country in 2019.
Trump said participating companies would receive firm security guarantees. “They will have those guarantees, yes,” he said.
Washington to oversee rollout
Trump said the US would directly oversee how American companies operate in Venezuela, marking a significant shift in bilateral relations.
“We’re going to discuss how these great American companies can help rapidly rebuild Venezuela’s dilapidated oil industry,” he said.
He confirmed that Venezuela had already transferred 30 million barrels of oil to the US, worth about USD 4 billion.
“That’s a lot of oil,” Trump said. “It’s on its way to the United States right now.”
Trump noted that Venezuela holds some of the world’s largest proven oil reserves, adding that security concerns had long deterred investment.
Secretary of State Marco Rubio said the plan would be implemented in phases and that revenues would be used to purchase American goods.
Trump said he expects to meet Venezuelan representatives soon and stressed that the administration’s approach aims to avoid instability.
“We don’t want to see destabilisation in the country,” he said.
He also confirmed that a Venezuelan opposition figure who received the Nobel Peace Prize would visit Washington next week, underscoring the administration’s emphasis on engagement over confrontation.