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US oil giants silent on Trump claim they will spend billions on Venezuelan oil industry (www.theguardian.com)

submitted 5 days ago by MicroWave@lemmy.world to c/news@lemmy.world

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Trump says oil majors primed to invest in rebuilding infrastructure following Maduro ouster

US oil giants have so far remained silent on Donald Trump’s claim that they are primed to spend “billions and billions of dollars” rebuilding the Venezuelan oil industry following the ouster of Nicolás Maduro.

Chevron, the only US oil company still operating in Venezuela, committed only to following “relevant laws and regulations” after the Trump suggested American energy multinationals would be central to his plans for the country.

Venezuela’s vast oil reserves – reputedly the world’s largest – will be modernized and exploited, Trump claimed in interviews and a press conference at his Mar-a-Lago estate. US oil firms will invest heavily to reconstruct “rotted” infrastructure, ramp up production and sell “large amounts … to other countries”, he told reporters, adding: “We’re in the oil business.”

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[–] rbos@lemmy.ca 2 points 4 days ago

It's nearly impossible in Canada to have investments in an ETF without oil exposure. I still have money in VGRO for instance.