O’Leary Ventures Chairman Kevin O’Leary joins ‘Varney & Co.’ to weigh in on the White Home contemplating paying Greenland residents, what U.S. management of Venezuela’s oil means for Canada and job creation beneath the Trump administration.
President Trump on Friday stated main U.S. oil firms will make investments $100 billion to rebuild Venezuela’s power sector after the profitable seize of Venezuelan dictator Nicolás Maduro.
Talking within the East Room of the White Home throughout a gathering with practically two dozen high oil and gasoline executives, Trump stated American power firms will rebuild Venezuela’s “rotting” oil infrastructure and push manufacturing to report ranges.
“American firms could have the chance to rebuild Venezuela’s rotting power infrastructure and ultimately improve oil manufacturing to ranges by no means, ever seen earlier than,” Trump stated. “Once you add Venezuela and america collectively, we’ve 55% of the oil on the planet.”
BEHIND THE SCENES OF WHO IS ATTENDING TRUMP’S OIL EXECUTIVE MEETING AFTER MADURO OPERATION
President Donald Trump throughout a gathering with U.S. oil firm executives within the East Room of the White Home in Washington, D.C., Jan 9, 2026. (Saul Loeb/AFP by way of Getty Photographs / Getty Photographs)
Trump stated his administration will decide which firms are permitted to function in Venezuela, in response to Reuters.
“Our large oil firms will likely be spending no less than $100 billion of their cash, not the federal government’s cash … to rebuild the capability and the infrastructure mandatory,” Trump stated. “Venezuela has additionally agreed that america will instantly start refining and promoting as much as 50 million barrels of Venezuelan crude oil, which can proceed indefinitely.”
The president stated the trouble would straight profit U.S. shoppers, noting that gasoline costs are already low nationwide, with some drivers paying lower than $2 per gallon.
ENERGY SECRETARY SAYS CHEVRON EXPANSION, US OIL ROLE IN VENEZUELA COULD COME ‘PRETTY QUICKLY’
U.S. oil firm executives throughout a gathering with President Donald Trump (not pictured) within the East Room of the White Home in Washington, D.C., Jan. 9, 2026. (Saul Loeb/AFP by way of Getty Photographs / Getty Photographs)
“One of many issues america will get out of this will likely be even decrease power costs. We’ve got individuals now getting gasoline for $1.99, $1.96, $1.95, $1.92,” Trump stated. “It was $3.5, $4, $5 a gallon. Consider that. $1.99.”
The lineup of oil firms within the assembly included Chevron, ExxonMobil, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Side Holdings, Tallgrass, Raisa Power and Hilcorp.
Trump on Tuesday stated in a social media put up that Venezuelan oil will likely be instantly turned over to the U.S., saying, “Interim Authorities in Venezuela will likely be turning over between 30 and 50 MILLION Barrels of Excessive High quality, Sanctioned Oil, to america of America.
TRUMP TO MEET WITH OIL EXECUTIVES ABOUT VENEZUELA ON FRIDAY
Venezuelan chief Nicolás Maduro and his spouse are being held in New York Metropolis, the place they are going to be tried for quite a few alleged crimes. (Matias Delacroix/Getty Photographs / Getty Photographs)
“This Oil will likely be bought at its Market Value, and that cash will likely be managed by me, as President of america of America, to make sure it’s used to profit the individuals of Venezuela and america! I’ve requested Power Secretary Chris Wright to execute this plan, instantly. It will likely be taken by storage ships, and introduced on to unloading docks in america.”
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Chevron is the one U.S. oil firm working in Venezuela, whereas ConocoPhillips and ExxonMobil had operations within the nation earlier than the regime nationalized their property.
FOX Enterprise’ Emma Colton and Eric Revell contributed to this report.
