WASHINGTON (AP) — In an ambitious move to lower fuel prices and elevate U.S. energy independence, President Donald Trump is meeting with oil executives at the White House on Friday with hopes of securing $100 billion in investments to revitalize Venezuela's oil output. Despite the country's chaotic political climate and economic instability, Trump is courting major oil companies to help capitalize on Venezuela's vast reserves.
The meeting, which is slated for 2:30 p.m. EST, comes on the heels of a U.S. military operation that targeted former Venezuelan leader Nicolás Maduro, an event Trump characterized as opening new economic opportunities for the U.S., with the potential for seizing Venezuelan oil supplies.
Trump’s strategy is twofold: firstly, it addresses rising gasoline prices, which have become a major concern for American households, and secondly, it aims to reassure oil companies about the feasibility and profitability of investing in a country that has seen its oil production plummet.
In a pre-dawn post on social media, Trump declared, “At least $100 Billion will be invested by BIG OIL, all of whom I will be meeting with today at The White House.” He indicated that these conversations would include executives from companies like Chevron, which continues limited operations in Venezuela, and ExxonMobil and ConocoPhillips, both of which lost substantial investments during previous nationalizations.
While prominent U.S. oil companies have shown hesitance regarding investment in Venezuela due to uncertainties around contracts and protections, Trump implies that his administration would provide support to mitigate risks. Part of the challenge will involve restoring trust in relations with Venezuela’s interim government and navigating the shifting landscape of political power.
As of now, Venezuela’s oil production has dwindled to below one million barrels a day. Trump's discussions aim not only to enhance American energy resources but also to solidify an economic foothold in a country long marred by instability.
