US Businesses Likely to Invest in Venezuelan Oil, Says Energy Secretary
Recent comments from U.S. Energy Secretary Chris Wright suggest that American companies may significantly increase their involvement in Venezuela’s oil industry. This development comes in the wake of political changes in the country following the ousting of former President Nicolás Maduro.
Potential for U.S. Investment in Venezuelan Oil
During an interview on “Face the Nation,” Wright indicated that the presence of U.S. businesses in Venezuela’s oil sector is a “very real possibility.” The U.S. government has not taken over the management of Venezuela’s state-owned oil company, PDVSA, but there is a clear push for companies to reenter the market.
Current State of Operations
As of now, American crude marketers manage the sale of oil from Venezuela. U.S. forces recently captured Maduro and his wife, leading to federal charges related to narco-terrorism and other offenses. They have denied these allegations.
Wright pointed out that under the U.S. influence, the oil sales will generate funds aimed at improving the lives of both Americans and Venezuelans. He stated, “With United States influence by controlling the sale of their oil… we expect relatively rapid change in Venezuela.”
Managing Political Transition
Wright emphasized the need to engage with current Venezuelan officials, many of whom are under indictment in the U.S. This includes Diosdado Cabello, who serves as the Minister of Interior, Justice, and Peace.
- Chris Wright has noted the necessity of working with those currently in power to stabilize the situation.
- Wright stated, “We need to prevent a collapse of the nation.”
- He further highlighted the desire for a representative government in Venezuela.
Geopolitical Implications
In a recent social media post, President Trump hinted at the geopolitical repercussions of this situation, warning Cuba about losing access to Venezuelan oil. However, Wright clarified that the U.S. is not urging Mexico to cut oil supplies to Cuba at this time.
This ongoing scenario indicates critical shifts in both Venezuelan politics and international relations as American businesses eye opportunities in a newly opened market.
