Trump Says U.S. Investment Is Reviving Venezuela’s Oil Industry

Donald Trump says Venezuela’s oil industry is beginning to recover, driven by new investment from U.S. energy companies. In an interview, the U.S. president specifically named ExxonMobil and Chevron, saying both are putting large sums into equipment to extract crude in Venezuela.

“ExxonMobil is there and Chevron is there building billions and billions of dollars in new equipment to extract the oil,” Trump said. He linked the renewed activity to improving employment conditions, adding: “And people are working again.”

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ExxonMobil is there and Chevron is there building billions and billions of dollars in new equipment to extract the oil.

Trump’s assessment rests on his view of Venezuela’s enormous energy reserves. He said the country has “probably the second largest oil reserves in the world” and described oil as so abundant that it can appear to be coming directly from the ground.

“Now you find oil in Venezuela. You look at the ground, you just look, you say: there’s oil right there, it’s coming out, you don’t have to explore for it, it’s just…” he said.

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And people are working again.

The president also pointed to resources beyond crude, describing Venezuela as a country with extensive natural wealth. “It’s massive amounts of oil and other things, by the way, but the country was very unhappy, now it’s happy,” he said.

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Probably the second largest oil reserves in the world.

Trump criticized the previous management of Venezuela’s oil industry, arguing that the country’s reserves had not been developed in line with their potential. “Venezuela had oil, but they weren’t using it because the system was bad,” he said.

He presented the new investment as allowing Venezuela to make use of its energy resources again, while highlighting the role of American companies in the extraction of crude and the return of jobs.

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Venezuela had oil, but they weren’t using it because the system was bad.