Donald Trump has asked for at least $100bn (£75bn) in oil industry spending for Venezuela, but received a lukewarm response at the White House as one executive warned the South American country was currently “uninvestable”.
Bosses of the biggest US oil firms who attended the meeting acknowledged that Venezuela, sitting on vast energy reserves, represented an enticing opportunity.
But they said significant changes would be needed to make the region an attractive investment. No major financial commitments were immediately forthcoming.
Cheap fuel for his fanatics wanting the “good old days”.
He’s so bad at business that he doesn’t realise that companies won’t want to oversaturate the market and lower their margins. This is a concept of 12-year-old should be able to understand.
Why would they? It’s a win-win. They either get significant tax payer money invested on their behalf, or the oil stays off market keeping their prices high.
He’ll sell it to Russia and keep the money
Prices aren’t even that high, crude oil’s price has been on a steady downward March since the high in 2022
But taking Venezuelan oil offline might help bring global prices up, which would help Russia, which doesn’t turn a profit unless prices are high.
Russia also needs Oil to sell which is becoming hard between Ukraine hitting Russian facilities in Russia and now we have confirmation the US is not exempting the Shadow Fleet from having Russian ties
This is exactly it, it’s a shakedown and Trump and the party of fiscal responsibility will see to it that yet more corporations get hundreds of billions in government largess. But boy, they sure extracted that 1 bil from PBS, so I guess they’re on point.
Companies have usually avoided morally dubious actions in worlds spotlight, because it deters investors.
Not sure if anyone wants to touch Trumps fresh smelly turd… at least directly and visibly.
They also adjustment in the business of throwing away money on PR nightmares…
The math doesn’t math here. Oil barrel prices are very low, so low they’d be investing billions to lose money operating them
So basically, it looks like he committed an international crime for oil and then won’t even get the oil. No one should be surprised, I guess. Incompetence is the only constant.
“Who knew oil could be so complicated?!” - Orange Pirate
Orange Pedo-pirate
I’m starting to see how he managed to bankrupt the casino. It’s because he won’t stop committing pointless crimes that don’t in fact benefit him in any way.
This actually sounds more like they want American troops to turn Venezuela into not-Venezuela… THEN they would feel safe investing.
Trump puts troops in Venezuela.
Oil execs: ya know, it’s mighty difficult to ensure security using only boats, it’d be better if we were in control all the way from the US via land.
Bailout time… Trump will give them the money to invest and make them whole from previous losses
You know damn well big oil put him up to this.
It’s smoke and mirrors
I figured it would take a few months before the incompetence would be plain as day and ruin everything, not just one week.
The oil execs are saying it’s “uninvestable” precisely because they know how incompetent Trump is.
I really think this all comes down to a belief that Trump and many Americans hold, that oil is irreplaceable. They have convinced themselves, or have been convinced by others, that civilizations can’t exist without oil, and fossil fuels more broadly. Because of this belief, they’re betting hard on oil and gas. They want to take control of as much of the world’s remaining oil reserves as possible, both to secure oil for ourselves but also to restrict access to adversaries, like China.
But this belief is wrong. Civilizations can exist without fossil fuels, or at least with very minimal fossil fuel use, especially for energy. Fossil fuels are very inefficient and nonrenewable, in addition to being highly polluting. Renewables, like solar and wind, are much more efficient, especially for electricity generation. To generate electricity with fossil fuels, you have to extract the material from the ground, refine it, transport it, then burn it to boil water to generate steam to turn a turbine to generate the electricity. There are a lot of steps there, and a lot of the energy is lost in the process. With solar and wind, electricity is generated at the source. It’s true that solar panels and wind turbines are not very efficient at turning the wind and sunlight into electricity, but once the electricity is generated, all you have to do is transmit it to where it is either stored or used. Some energy is lost in transmission, but that’s true of electricity generated from fossil fuels, too. Renewables are simply more efficient. And, as the name implies, they are renewable. The sun will continue to shine and the wind will continue to blow for a very long time.
So as the world wakes up this realization, the world will continue to transition away from fossil fuels and toward renewables. That will reduce the demand for fossil fuels. The oil companies know this, that’s why they’re not in any great hurry to go and spend billions of dollars to significantly increase oil production. If they dramatically increase oil production, but the overall demand for oil doesn’t also increase significantly, the price for their product will fall. They don’t want to sell their product for less money, because that will reduce their profits. Lowering the price of oil sounds great to consumers of the product, who want lower gas and diesel prices, but the companies selling it don’t want that. Companies want to sell their product for the highest price possible, so they can maximize their profit.
The US is betting on a fossil fuel future, but we’re going to lose that bet. We’ve convinced ourselves, or have been convinced, that oil especially is irreplaceable and that renewables/electrification are a scam. We’re wrong. An electrified world powered primarily by renewables is the future. The longer we continue down this misguided path, the further behind the rest of the world we will fall.
They know that Trump is just going to keep the money, and have the US government pay for it all.
Also, it’s one thing to support him, it’s not even so bad to give him some money now and then, but he is demanding an enormous commitment, and they know that about the only thing you can trust a MAGA government to do is royally fuck it up.
They also see the writing on the wall, MAGA’s days are numbered, they will be undone by their own virtuosic incompetence. Short term investment for quick gains is one thing, but long term investment in MAGA is a very bad idea.
So, correct me if I’m wrong, but is anyone else thinking that the entire end-goal of this is to have the Venuzuela money handled directly by his administration so that he can keep his shit going when Congress finally (hopefully) cuts his purse strings?
The one thing that the government hasn’t been able to change is the fact that Congress controls the money, not him. Seems to me that Venuzuela Oil is his play at getting a private fund without them.
It is pretty crazy, he cut himself a $230 million dollar check that he said the government owed him and didn’t even have to report it. He has unilaterally given foreign governments billions of dollars and bribed US interests with billions as well. He also seems to think the hundreds of billions of tariff money is his to do what he pleases with as well.
Truly this administration has broken so many laws, ethics, norms, etc. that they will go down in history as the most corrupt and criminal administration of all time.
Edit: obligatory so far
bro did not text the signal group chat about his Venezuela plans before doing it damn
He actually did, he just didn’t wait to here back that it was a terrible idea.
Have people started falling out of windows yet in the USA, like in Russia?
Soon.
It would be very funny and well deserved if they invested on his pressure and in a few years Venezuela just nationalises everything again.
Trump uses ‘Art of the deal’.
It’s not very effective.
Don’t worry, to cover the risk the YUGEOIL act will be passed granting 0% interest subsidies to all oil companies that expand into Venezuela
Exxon will also after getting the subsidies buy a nice portion of DJT and trump coin at the same time, not sure why, CEO must just like the stock
With 100% risk coverage by the American tax payer, in contract.
Turns out he never read it.
Trump: anyone want to buy some stereos? They fell of a truck.
Oil companies: ehh….
The US taxpayers were never going to benefit from this blatant theft of Venezuelan oil at all. The profits were to be deposited directly into Trump & his families accounts after using taxpayer funds to secure the country. That’s also the reason why he wants Greenland so he can enrich himself with stolen minerals, with the US military serving as his personal army.
with the US military serving as his personal army.
Either them or Erik Prince.
Yep the oil in Venezuela is not high grade so it’s not profitable in the short term even if long term control is important for oil based business.
The gist wasn’t that he didn’t want to invest. It was that he can’t invest until Trump “fixes” problems with the country. Like its leadership and laws, etc.
