Trump Announces $100B Investment from US Oil Firms in Venezuela’s Energy Sector
O’Leary Ventures Chairman Kevin O’Leary joins ‘Varney & Co.’ to weigh in on the White House considering paying Greenland residents, what U.S. control of Venezuela’s oil means for Canada, and job creation under the Trump administration.
On Friday, President Trump announced that major U.S. oil companies are set to invest a staggering $100 billion to revitalize Venezuela’s energy sector following the successful ousting of Venezuelan dictator Nicolás Maduro.
During a meeting in the East Room of the White House with nearly two dozen top oil and gas executives, Trump stated that American energy companies would be tasked with rebuilding Venezuela’s “rotting” oil infrastructure, aiming to push production to unprecedented levels.
“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump declared. “When you add Venezuela and the United States together, we have 55% of the oil in the world.”
BEHIND THE SCENES OF WHO IS ATTENDING TRUMP’S OIL EXECUTIVE MEETING AFTER MADURO OPERATION
President Donald Trump during a meeting with U.S. oil company executives in the East Room of the White House in Washington, D.C., Jan 9, 2026. (Saul Loeb/AFP via Getty Images / Getty Images)
According to Reuters, Trump indicated that his administration would decide which companies are allowed to operate in Venezuela.
“Our giant oil companies will be spending at least $100 billion of their money, not the government’s money … to rebuild the capacity and the infrastructure necessary,” Trump emphasized. “Venezuela has also agreed that the United States will immediately begin refining and selling up to 50 million barrels of Venezuelan crude oil, which will continue indefinitely.”
The president highlighted that this initiative would directly benefit U.S. consumers, noting that gas prices are already low nationwide, with some drivers paying less than $2 per gallon.
ENERGY SECRETARY SAYS CHEVRON EXPANSION, US OIL ROLE IN VENEZUELA COULD COME ‘PRETTY QUICKLY’
U.S. oil company executives during a meeting with President Donald Trump (not pictured) in the East Room of the White House in Washington, D.C., Jan. 9, 2026. (Saul Loeb/AFP via Getty Images / Getty Images)
“One of the things the United States gets out of this will be even lower energy prices. We have people now getting gasoline for $1.99, $1.96, $1.95, $1.92,” Trump remarked. “It used to be $3.5, $4, $5 a gallon. Think of that. $1.99.”
The meeting included a lineup of oil companies such as Chevron, ExxonMobil, ConocoPhillips, and many others.
On Tuesday, Trump announced via social media that Venezuelan oil would be immediately transferred to the U.S., stating, “Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.”
TRUMP TO MEET WITH OIL EXECUTIVES ABOUT VENEZUELA ON FRIDAY
Venezuelan leader Nicolás Maduro and his wife are being held in New York City, where they will be tried for a number of alleged crimes. (Matias Delacroix/Getty Images / Getty Images)
“This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States! I have asked Energy Secretary Chris Wright to execute this plan immediately. It will be taken by storage ships and brought directly to unloading docks in the United States.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Currently, Chevron is the only U.S. oil company operating in Venezuela, while ConocoPhillips and ExxonMobil had their assets nationalized by the regime.
FOX Business’ Emma Colton and Eric Revell contributed to this report.
O’Leary Ventures Chairman Kevin O’Leary joins ‘Varney & Co.’ to weigh in on the White House considering paying Greenland residents, what U.S. control of Venezuela’s oil means for Canada, and job creation under the Trump administration.
On Friday, President Trump announced that major U.S. oil companies are set to invest a staggering $100 billion to revitalize Venezuela’s energy sector following the successful ousting of Venezuelan dictator Nicolás Maduro.
During a meeting in the East Room of the White House with nearly two dozen top oil and gas executives, Trump stated that American energy companies would be tasked with rebuilding Venezuela’s “rotting” oil infrastructure, aiming to push production to unprecedented levels.
“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump declared. “When you add Venezuela and the United States together, we have 55% of the oil in the world.”
BEHIND THE SCENES OF WHO IS ATTENDING TRUMP’S OIL EXECUTIVE MEETING AFTER MADURO OPERATION
President Donald Trump during a meeting with U.S. oil company executives in the East Room of the White House in Washington, D.C., Jan 9, 2026. (Saul Loeb/AFP via Getty Images / Getty Images)
According to Reuters, Trump indicated that his administration would decide which companies are allowed to operate in Venezuela.
“Our giant oil companies will be spending at least $100 billion of their money, not the government’s money … to rebuild the capacity and the infrastructure necessary,” Trump emphasized. “Venezuela has also agreed that the United States will immediately begin refining and selling up to 50 million barrels of Venezuelan crude oil, which will continue indefinitely.”
The president highlighted that this initiative would directly benefit U.S. consumers, noting that gas prices are already low nationwide, with some drivers paying less than $2 per gallon.
ENERGY SECRETARY SAYS CHEVRON EXPANSION, US OIL ROLE IN VENEZUELA COULD COME ‘PRETTY QUICKLY’
U.S. oil company executives during a meeting with President Donald Trump (not pictured) in the East Room of the White House in Washington, D.C., Jan. 9, 2026. (Saul Loeb/AFP via Getty Images / Getty Images)
“One of the things the United States gets out of this will be even lower energy prices. We have people now getting gasoline for $1.99, $1.96, $1.95, $1.92,” Trump remarked. “It used to be $3.5, $4, $5 a gallon. Think of that. $1.99.”
The meeting included a lineup of oil companies such as Chevron, ExxonMobil, ConocoPhillips, and many others.
On Tuesday, Trump announced via social media that Venezuelan oil would be immediately transferred to the U.S., stating, “Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.”
TRUMP TO MEET WITH OIL EXECUTIVES ABOUT VENEZUELA ON FRIDAY
Venezuelan leader Nicolás Maduro and his wife are being held in New York City, where they will be tried for a number of alleged crimes. (Matias Delacroix/Getty Images / Getty Images)
“This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States! I have asked Energy Secretary Chris Wright to execute this plan immediately. It will be taken by storage ships and brought directly to unloading docks in the United States.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Currently, Chevron is the only U.S. oil company operating in Venezuela, while ConocoPhillips and ExxonMobil had their assets nationalized by the regime.
FOX Business’ Emma Colton and Eric Revell contributed to this report.
