Trump Says US Plan to Revive Venezuela Oil Will Lower Energy Costs

Washington, Jan 2026 : US President Donald Trump on Friday told oil and gas executives at the White House that his administration’s strategy to restore Venezuela’s oil production will help reduce energy costs in the United States while strengthening American energy dominance. Trump said Venezuelan crude will complement record US oil production and boost overall supply, with benefits for both consumers and the broader economy.

Trump pointed to recent gasoline prices in the US — ranging from about $1.92 to $1.99 per gallon — noting they are significantly lower than in previous years, and said increased Venezuelan production could help push prices down even further. “One of the things the United States gets out of this will be even lower energy prices,” he said.

The president noted that US refineries are well positioned to handle Venezuelan heavy crude, which historically was a key feedstock before years of sanctions and underinvestment curtailed imports. “We have the refining capacity. It was actually based very much on the Venezuelan oil,” Trump told the executives.

Energy Secretary Chris Wright underscored the strength of the US energy sector, saying oil and natural gas production has reached record levels, which provides a solid foundation for integrating additional supply from Venezuela. Wright criticized previous sanctions for failing to prevent Venezuelan oil from reaching global markets while depriving ordinary Venezuelans of economic benefit.

Under the plan, American oil firms are being encouraged to invest billions of dollars in rebuilding Venezuela’s energy infrastructure. Trump said these companies are expected to invest at least $100 billion of private capital to modernize facilities and restore output, creating jobs and ensuring returns for investors. “They’re going to make a lot of money. They’re going to get their money back,” he said.

Vice President J.D. Vance also addressed the initiative, saying revitalizing Venezuela’s oil production would improve national security and help reduce drug trafficking by stabilizing the region. “It’s going to make our country richer. It’s going to make our country more powerful,” he said.

The emphasis on economic benefits extended to job creation and support for American workers. Trump said the initiative would spur employment and lower taxes by expanding investment and industry activity.

Venezuela was once a major supplier to US refineries before sanctions curtailed imports, and its vast oil reserves remain among the largest globally. The administration’s plan marks a dramatic shift in US-Venezuela energy relations, aiming to tap those resources to help stabilize and reduce energy costs domestically.

Some analysts and industry executives have expressed caution about the feasibility and risks of rapidly expanding Venezuelan production, highlighting long-standing infrastructure challenges and the need for clear legal frameworks. However, the White House remains focused on the potential economic gains of the initiative.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)