President Donald Trump told a room full of America’s top oil and gas executives that U.S. energy companies are set to rebuild Venezuela’s deteriorating oil infrastructure and drive production to historic highs, a move he said will cement American energy dominance and keep fuel prices low for U.S. consumers.
Speaking in the East Room of the White House during a meeting with nearly two dozen industry leaders, Trump described Venezuela’s oil system as “rotting” after years of mismanagement and said American companies are uniquely positioned to restore it. He argued that combining U.S. and Venezuelan production creates an unprecedented energy bloc.
“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump said. “When you add Venezuela and the United States together, we have 55% of the oil in the world.”
Trump emphasized that the benefits would be felt immediately at the gas pump, pointing to sharp declines in fuel prices during his administration. He said Americans are already seeing gasoline prices below $2 a gallon in some places, a dramatic change from the higher prices drivers faced in previous years.
“One of the things the United States gets out of this will be even lower energy prices,” Trump said. “We have people now getting gasoline for $1.99, $1.96, $1.95, $1.92. It used to be $3.5, $4, $5 a gallon. Think of that. $1.99.”
The meeting included executives from a broad cross-section of the global energy industry, underscoring the scale of the administration’s ambitions. Companies represented included Chevron, ExxonMobil, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy, and Hilcorp.
Earlier in the week, Trump laid out additional details in a social media post, saying Venezuelan oil would be immediately transferred to U.S. control under interim authorities in the country. He said between 30 million and 50 million barrels of high-quality, sanctioned oil would be turned over to the United States.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,” Trump said. He added that he directed Energy Secretary Chris Wright to execute the plan immediately, with oil transported by storage ships directly to U.S. unloading docks.
Trump framed the plan as a way to stabilize energy markets, generate revenue, and ensure transparency in how proceeds are used, while simultaneously reinforcing America’s role as the world’s leading energy power.
Chevron is currently the only U.S. oil company operating in Venezuela. Other major American firms, including ExxonMobil and ConocoPhillips, previously had operations in the country before the former regime nationalized their assets, effectively forcing them out.
By bringing U.S. companies back into the picture, Trump argued that Venezuela’s vast oil reserves can once again be put to productive use, this time under American leadership and oversight. The president presented the strategy as a win for U.S. workers, consumers, and energy security, while also positioning American companies at the center of what he described as the largest oil rebuilding effort in modern history.
