Trump Announces $100 Billion Investment in Venezuelan Oil
During a meeting with leaders from major oil companies, President Trump stated that U.S. oil firms will invest $100 billion to restore Venezuela’s oil infrastructure.
This announcement came at a roundtable discussion in the East Room, attended by executives along with Vice President J.D. Vance, Secretary of State Marco Rubio, Secretary of Energy Chris Wright, and Secretary of the Interior Doug Burgum.
Trump specified, “Our big oil companies will be spending at least $100 billion, not government money.” He emphasized that these companies do not require government funding but need protection and security to ensure they can recoup their investments and achieve solid returns.
He highlighted the investment would focus on rebuilding essential capacities and infrastructure within the country.
“Venezuela has also agreed that the United States will immediately begin refining and selling up to 50 million barrels of Venezuelan crude oil and will continue to do so indefinitely,” he added.
Trump also pointed out that U.S. companies initially constructed Venezuela’s oil infrastructure, criticizing previous administrations for inaction after the assets were “stolen.”
He remarked, “This president is very different from other presidents,” in reference to himself, contrasting his approach with that of his predecessors. He noted, “They didn’t do anything about it. They stole it. Some of the people in this room were a little younger when it happened, but they weren’t that young. It wasn’t that long ago.”
“So we’re all in on this right now. We’re 500 percent on this right now, but it’s been a long time since this act has been done,” he continued. “They stole from us, taken by the socialists and communists at the time, and Venezuela got worse, really worse. Despite having vast oil reserves, they’re producing almost nothing,” he remarked.
Additionally, Trump reported that Venezuela has given the United States 30 billion barrels of oil, valued at around $4 billion.
Attendees at the roundtable included executives from Chevron, Exxon, Conoco Phillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy, and Hilcorp.
