Here’s what happened.
America’s biggest oil companies are keeping their distance as President Donald Trump signals a potential shift in U.S. energy strategy involving Venezuela — a country sitting on the world’s largest oil reserves but crippled by decades of socialist control.
So far, U.S. energy giants have stopped short of committing to any return to Venezuela’s battered oil fields, despite Trump openly encouraging American companies to reclaim what was once a U.S.-built industry.
Big Oil Stays Silent — Or Cautious
Chevron remains the only major U.S. oil company with operations inside Venezuela. In a statement to Fox News Digital, Chevron said it is complying with all applicable laws and regulations, while prioritizing employee safety and protecting company assets.
ConocoPhillips also struck a careful tone, saying it is monitoring developments in Venezuela and assessing possible impacts on global energy supply and long-term market stability. The company emphasized that any talk of future investments would be premature.
Meanwhile, ExxonMobil, the largest oil producer in the United States, declined to respond to requests for comment — a silence that has not gone unnoticed.
Trump: America Built Venezuela’s Oil Industry
Speaking to reporters at his Mar-a-Lago residence, President Trump laid out a bold vision: American oil companies returning to Venezuela, restoring collapsed infrastructure, and selling oil to countries around the world.
Despite holding massive oil reserves, Venezuela’s production has collapsed after years of neglect, mismanagement, and political interference.
Trump argued that U.S. expertise could quickly reverse that decline.
Trump said the plan would involve major U.S. oil companies investing billions to repair Venezuela’s deteriorated energy infrastructure and restore profitable production.
Challenging China, Russia, and Iran
When asked about Venezuela’s current oil buyers — including China, Russia, and Iran — Trump made it clear that the United States intends to compete aggressively.
“We’re in the oil business,” he said.
Trump also reminded reporters that Venezuela’s oil success did not come from socialism — it came from American ingenuity.
Trump said Venezuela’s oil industry was originally developed by American expertise and hard work before socialist governments later took control of U.S. assets.
“They took American oil, American platforms, and American property — costing us billions and billions of dollars,” he said.
A Warning From History
The collapse began under former Venezuelan leader Hugo Chávez, whose nationalization campaign forced Western oil companies out and dismantled a once-thriving energy partnership with the United States.
That history explains why many American companies remain hesitant — even as Trump pushes to reassert U.S. energy dominance.
Sanctions Still Stand
Despite renewed discussion, Trump made one thing clear: the U.S. embargo on Venezuelan oil remains fully in place.
For now, America’s oil giants are watching from the sidelines — and many conservatives are asking whether Big Oil is truly aligned with America’s energy future, or simply protecting its own interests.
