On Saturday, hours after U.S. forces in Caracas killed at least 80 people and kidnapped Venezuelan President Nicolás Maduro, Donald Trump sounded less like a wartime commander than a developer surveying a newly acquired property. The country’s future, he told reporters at his Mar-a-Lago resort, belonged to “very large United States oil companies,” which would soon be pumping “a tremendous amount of wealth out of the ground.”
The land in question includes the largest proven oil reserves on Earth — at some 300 billion barrels, roughly 17 percent of global totals. But after years of political turmoil and U.S. sanctions, Venezuela accounts for barely 1 percent of global crude production. “It’s true that they know the oil is there,” said Samantha Gross, the director of the Energy Security and Climate Initiative at Brookings. “But the above-ground risks are huge.”
Chevron is the only major U.S. firm still operating in Venezuela, after other oil giants pulled out in 2007 when former President Hugo Chávez nationalized the in... Read more
