Trump’s Venezuela Oil Push Driven by U.S. Energy Needs, but Instability Keeps Big Oil Wary

Washington: U.S. President Donald Trump has openly pitched Venezuela as a major future energy source for the United States, urging American oil giants to invest tens of billions of dollars in the crisis-hit country while assuring them of “total safety” and full government backing.

The appeal underlines Washington’s clear strategic calculation: Venezuela’s vast oil reserves could significantly help meet U.S. energy requirements and stabilise domestic fuel prices.

Trump held high-level discussions at the White House with senior executives from leading energy companies, including Exxon Mobil, Chevron, and ConocoPhillips, laying out a vision to rebuild Venezuela’s battered energy infrastructure.

He said American companies could invest at least $100 billion to revive oil production, sharply increasing output and benefiting the U.S. economy through lower energy costs.

At the core of Trump’s pitch was the assurance that the investments would come entirely from private companies, not American taxpayers.

What companies would receive in return, he stressed, was government protection and security.

He made it clear that Washington was keen to move fast and warned that if existing players hesitated, others were ready to step in.

Behind the rhetoric of rebuilding lies a more strategic objective.

With Venezuela holding the world’s largest proven oil reserves, the Trump administration sees control over Venezuelan oil production and exports as a way to secure long-term U.S. energy interests, reduce price volatility, and limit the influence of rival global players in the region.

U.S. officials have also indicated that Washington intends to tightly oversee Venezuela’s oil revenues to curb corruption and illicit trade.

Yet despite the promises and pressure, America’s biggest oil companies are thinking twice.

Years of political turmoil, abrupt policy shifts, asset seizures, and legal disputes have left deep scars.

Industry leaders privately acknowledge that Venezuela remains a high-risk environment, where any investment would require sweeping legal guarantees, political stability, and clarity on ownership rights.

Chevron, currently the only major U.S. oil company still operating in Venezuela, has reiterated its long-term commitment but has stopped short of announcing any immediate large-scale expansion.

Other firms remain cautious, aware that rebuilding production in a country where output has collapsed to a fraction of its former levels would demand enormous capital, time, and sustained political calm.

Energy analysts note that while Venezuela’s oil could indeed go a long way in meeting U.S. demand, the ground reality is far more complex.

Infrastructure has deteriorated, skilled manpower has fled, and uncertainty continues to loom over the country’s political future.

These factors make boardrooms reluctant to rush in, regardless of presidential assurances.

Trump, however, signalled that negotiations are ongoing and that the administration is determined to extract firm commitments.

He also confirmed plans to meet Venezuelan opposition leader María Corina Machado in the coming days, describing relations with Venezuela’s interim leadership as “very good.”

For now, Trump’s Venezuela strategy highlights a stark contrast: Washington’s eagerness to tap into one of the world’s richest oil reserves to serve U.S. energy interests, and the oil industry’s caution in the face of a nation still struggling with volatility, uncertainty, and unresolved political risk.

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