President Donald Trump stated that the surprising attacks in Venezuela and the detention of leader Nicolás Maduro were mainly centered around its abundant oil reserves—not solely drugs and immigration—contending that American oil firms will reconstruct the Venezuelan crude industry to financially compensate the U.S. and benefit the Venezuelan people.
“We will have our very large U.S. oil companies—the biggest in the world—enter, spend billions of dollars, repair the severely damaged oil infrastructure, and begin generating revenue for the country,” Trump stated during a press conference on Saturday.
“We will have a presence in Venezuela regarding oil,” Trump said. “We will be extracting a substantial amount of wealth from the ground.”
Although smaller gains might materialize more rapidly, energy analysts stress that it will take years—probably nearly a decade—ensuring the U.S. is deeply involved in Venezuela for a long period.
While providing few details, Trump said Venezuelan Vice President Delcy Rodriguez is currently in charge, but “she really has no choice” and must adhere to the White House’s directives until fair elections or a power transition occurs. “We aren’t afraid of deploying troops.”
Venezuela, which has the world’s largest proven oil reserves but accounts for less than 1% of global oil production, is arguably the planet’s biggest underperformer in terms of petroleum extraction. Once a major player producing nearly 4 million barrels of oil daily, Venezuela’s output has plummeted from 3.2 million barrels daily in 2000 to about 960,000 barrels today under the authoritarian socialist regimes of Maduro and his predecessor Hugo Chávez, due to mismanagement, underinvestment, and escalating U.S. sanctions.
“We will get the oil flowing as it should,” Trump said. “Currently, the flow is actually minor compared to what they have.”
Trump has repeatedly stated that he wants the Venezuelan oil that was expropriated from American operators during George W. Bush’s second term returned. During his press conference, he referred to it as “the largest theft of property in our country’s history.”
“Massive oil infrastructure was taken from us as if we were helpless, and we did nothing about it,” Trump said.
Ripple effects
Trump said the U.S. has now “surpassed” the Monroe Doctrine, noting that some now call it the “Donroe” doctrine. “American dominance in the Western Hemisphere will never be doubted again.”
Quoting national security concerns regarding drug trafficking, since the fall, the U.S. has bombed many Venezuelan boats—under questionable legal authority—killing more than 100 people to date, according to the U.S. military. In December, the U.S. intensified the conflict by seizing sanctioned oil tankers and targeting Venezuela.
“The embargo on all Venezuelan oil remains fully in effect. The American fleet remains ready and in place,” Trump said.
While over 80% of Venezuela’s exported oil goes to China—Trump said the U.S. will permit the legal sale of Venezuelan oil to China and others—almost 15% does go to the U.S. through a special license for operating in Venezuela.
“Chevron remains focused on the safety and welfare of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all applicable laws and regulations,” a Chevron spokesperson said Saturday, declining further comment at present.
In a conference in Washington, D.C., in November, Chevron Chairman and CEO Mike Wirth said geopolitical circumstances are challenging, but Venezuela’s potential is worth the effort. “The fluctuations seen in places like Venezuela are tough. But we take a long-term view. Venezuela is rich in geological resources. And we are committed to the country’s people and want to be part of rebuilding Venezuela’s economy when circumstances change.”
Many Democratic members of Congress strongly criticized Trump for launching an illegal attack on Venezuela and lying about it.
U.S. Rep. Seth Moulton, D-Mass., said Trump acted illegally, against U.S. interests, and apparently without a forward plan. He told CNN that the White House lied to Congress about forcing regime change, deploying troops, and about drugs coming to the U.S. from Venezuela—or the absence thereof.
“Maybe this is all about oil and he’s trying to steal their oil,” Moulton said, but he isn’t certain because Trump lies about everything.
When asked how the attacks in Venezuela align with “America First” policies, Trump said: “We want to surround ourselves with good neighbors. We want stability. We want energy. We have tremendous energy in that country. It’s crucial to protect it. We need it for ourselves; we need it for the world.”