President Donald Trump announced Friday that U.S. oil companies will be spending at least $100 billion in Venezuela to rebuild the necessary capacity and infrastructure.
Trump met with many big oil and gas companies, including Chevron, Exxon and Valero, to discuss investment opportunities in Venezuela’s oil infrastructure. After announcing the investment the companies would be making, the president said if there were any businesses on the fence, he had more waiting who wanted to be a part of the deal. (RELATED: Venezuelan Oil Could Make America ‘Master Of The Hemisphere’ If Trump’s Domination Continues)
“The plan is for them to spend, meaning our giant oil companies will be spending at least $100 billion of their money, not the government’s money. They don’t need government money, but they need government protection and need government security that when they spend all this money, it’s going to be there so they get their money back and make a very nice return,” the president said.
“The plan is for them to spend at least $100 billion to rebuild the capacity and the infrastructure necessary. 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,” he continued.
After capturing Venezuela President Nicolas Maduro, Trump announced that the United States would take over the country for the time being. In an interview with the New York Times, the president said the U.S. could be in charge for years.
On Tuesday, Trump said Venezuela is expected to commit revenue from a new oil deal and use it to purchase American products. As part of the deal, Venezuela’s interim authorities agreed to transfer between 30 million and 50 million barrels of oil to the United States.
“I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” Trump said in a Truth Social post. “These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.”
“In other words, Venezuela is committing to doing business with the United States of America as their principal partner — A wise choice, and a very good thing for the people of Venezuela, and the United States,” Trump continued.
