"So, about all that Venezuelan oil. Although President Trump has declared that America’s oil companies will soon “go in” to Venezuela and “spend billions of dollars” to rebuild that country’s petroleum industry, the administration is making two huge assumptions. First, that unleashing Venezuelan oil would yield lower energy prices for American consumers and giant profits for American companies. Second, that unlike previous administrations, which got bogged down for decades in failed nation building in Iraq and Afghanistan, Trump can simply let great American companies do what they do best—drill, baby, drill.

But my conversations with several oil-industry veterans and energy analysts indicate that the administration has the situation precisely backwards: Restoring Venezuela’s oil industry is completely unrealistic in the short term, and might not be in America’s economic and geopolitical interests at all. “Trump seems locked in the world of the 1980s and ’90s, when the U.S. imported most of its oil from a handful of foreign sources,” Arnab Datta, a lawyer who specializes in energy markets, told me. “But today, America is the world’s biggest oil producer. The play for Venezuelan oil doesn’t make a whole lot of sense for the new world we’re in.”

Although some oil executives who met with Trump at the White House yesterday expressed a vague interest in doing business in Venezuela, Exxon Mobil CEO Darren Woods offered a blunt warning about the country. “Today,” he said, “it’s uninvestable.”"

https://www.theatlantic.com/ideas/2026/01/trump-plan-venezuela-oil-economic-mistake/685572/

#USA #Trump #Venezuela #Oil #FossilFuels #BigOil #Imperialism