The Trump administration is painting its foray into the Latin American country’s oil patch as about more than drilling. Investing in a little-known private operator will give the U.S. the chance, officials argue, to police the corruption that has long troubled the industry there. American oil executives say that plan sounds like trouble.

 

Why Big Oil Is Wary of Trump’s Foray Into Venezuela’s Oil Patch

Energy industry has long opposed government intervention; some executives are worried the U.S. is creating a giant with the ability to push them around

By 

Collin Eaton

 and 

Vera Bergengruen

Sept. 3, 2026 9:00 pm ET

Venezuela's oil may be abundant but its a fool's errand to harvest its thick tar like crude and Trump's big plans for it will result bankruptcy for those foolish to invest in it.

 

The U.S. Wants to Pump More Venezuelan Oil. Here’s What to Know.

The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.

By Aruni Soni and Lazaro Gamio

Sept. 1, 2026