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President Donald Trump addressed the nation regarding the United States’ capture of Venezuelan President Nicolás Maduro and his wife.
U.S. energy companies have yet to say whether they plan to return Venezuela to resurrect an oil industry hollowed out by years of neglect.
Chevron, the only U.S. energy giant operating in Venezuela, said in a statement to Fox News Digital that it follows “relevant laws and regulations.”
“Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,” added a Chevron spokesperson.
“WE BUILT VENEZUELA’S OIL INDUSTRY:” TRUMP PROMISES US ENERGY RETURN AFTER MADURO CAPTURE
ConocoPhillips wrote in a statement to Fox News Digital that it was monitoring developments in Venezuela as well as the “potential implications for global energy supply and stability.”
“It would be premature to speculate on future business activities or investments,” added a ConocoPhillips spokesperson.
ExxonMobil, the largest U.S. oil company, did not immediately respond to a request for comment.
An exterior view of a Venezuelan state-run oil refinery. (Jesus Vargas/Getty Images)
President Donald Trump told reporters at Mar-a-Lago on Saturday that the United States would sell large quantities of Venezuelan oil to other countries after increasing production.
Venezuela has the world’s largest oil reserves, but years of underinvestment and crumbling infrastructure have left much of that wealth locked up. Trump said that the United States energy businesses could return to the country to unlock this potential.
“We’re going to let our very large American oil companies step in, spend billions of dollars, repair the badly damaged oil infrastructure and start making money for the country,” he said.
US CAPTURE OF MADURO HIGHLIGHTS VENEZUELA’S MASSIVE OIL RESERVES
Interviewed by Fox News Lucas Tomlinson Regarding the future of Venezuela’s oil sector and its buyers – which include China, Russia and Iran – Trump said the United States would sell large quantities of oil to many countries.
“We’re in the oil business,” Trump said.
He added that the United States “built Venezuela’s oil industry with American talent, drive and skills” and said the country’s socialist government later took control of it.
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President Donald Trump addresses the nation following the U.S. operation to capture Venezuelan President Nicolás Maduro. (Jim Watson/AFP/Getty Images)
“Venezuela unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars,” Trump said. “They took all our belongings.”
Venezuela has driven out Western oil companies as part of a nationalization drive launched by former President Hugo Chávez, ending what had once been a major period of U.S. energy investment.
Meanwhile, Trump reiterated that the U.S. embargo on all Venezuelan oil remains in full force.
