Story perspectives

Trump's $100 Billion Venezuela Oil Plan Faces Backlash

2/14/2026

Summary

Story summary

U.S. President Donald Trump is pushing for a $100 billion investment from U.S. energy firms to rebuild Venezuela's oil industry after the military ousted Nicolás Maduro.
TotalEnergies CEO Patrick Pouyanne said returning to Venezuela is "too expensive and too polluting."
Trump has threatened to exclude Exxon Mobil from operations because of their cautious stance, labeling the country "uninvestable."
Critics, including Senator Elizabeth Warren, condemned Trump's plan to control oil sale proceeds in offshore accounts as corrupt.

History

Historical Context

Venezuela nationalized its oil industry on January 1, 1976, creating Petróleos de Venezuela, S.A. (PDVSA), which now dominates the sector and generates over 90% of the country's export revenue. However, mismanagement and corruption have led to a drastic decline in production, from 3.5 million barrels per day in the 1990s to around 800,000 barrels in the 2020s, complicating foreign investment efforts.

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Story summary

U.S. President Donald Trump is pushing for a $100 billion investment from U.S. energy firms to rebuild Venezuela's oil industry after the military ousted Nicolás Maduro.
TotalEnergies CEO Patrick Pouyanne said returning to Venezuela is "too expensive and too polluting."
Trump has threatened to exclude Exxon Mobil from operations because of their cautious stance, labeling the country "uninvestable."
Critics, including Senator Elizabeth Warren, condemned Trump's plan to control oil sale proceeds in offshore accounts as corrupt.

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