President Donald Trump said he believes the U.S. oil industry could get expanded operations in Venezuela “up and running” in fewer than 18 months.<\/p>\n
“I think we can do it in less time than that, but it\u2019ll be a lot of money,” Trump told NBC News in an interview<\/a> Monday. <\/p>\n “A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they\u2019ll get reimbursed by us or through revenue,” he said. <\/p>\n Whether the U.S. government ultimately agrees to reimburse the oil industry’s costs in Venezuela, or alternatively, decides that future revenue is sufficient repayment, will likely be a key factor for the oil companies as they consider their options.<\/p>\n Trump declined to say how much money he believes it would cost companies to repair and upgrade Venezuela’s aging oil infrastructure.<\/a><\/p>\n “It\u2019ll be a very substantial amount of money will be spent” by the oil companies, Trump said. “But they\u2019ll do very well.” <\/p>\n “And the country will do well,” he added.<\/p>\n Despite Trump’s optimism, oil companies have appeared skeptical of quickly entering, expanding or investing in Venezuela. A history of state asset seizures, the ongoing U.S. sanctions and the latest political instability<\/a> all feed into this caution.<\/p>\n Trump said he believed that tapping Venezuela’s oil reserves<\/a> is “going to reduce oil prices.” <\/p>\n Gas prices are already at multiyear lows. The average retail gas price on Monday was $2.81, according to AAA<\/a>. That’s the lowest since March 2021.<\/p>\n “Having a Venezuela that\u2019s an oil producer is good for the United States because it keeps the price of oil down,” Trump also added.<\/p>\n While lower oil prices could make gas cheaper at the pump, it would likely also mean lower revenues for the same big oil companies that Trump is counting on to bankroll the rebuilding of Venezuela\u2019s oil industry to the tune of billions of dollars in foreign investment.<\/p>\n Asked if the administration had briefed any oil companies ahead of Saturday’s military operation to capture deposed Venezuelan leader Nicol\u00e1s Maduro, Trump said, “No. But we\u2019ve been talking to the concept of, ‘what if we did it?'”<\/p>\n “The oil companies were absolutely aware that we were thinking about doing something,” Trump said. “But we didn\u2019t tell them we were going to do it.” <\/p>\n Trump told NBC News it was “too soon” to say whether he had personally spoken to top executives at America\u2019s three largest oil producers, Exxon Mobil, Chevron and ConocoPhillips. <\/p>\n “I speak to everybody,” he said.<\/p>\n ConocoPhillips declined to comment Monday on Trump’s plans for Venezuela\u2019s oil reserves. Chevron told NBC News it does not comment “on commercial matters or speculate on future investments.” Exxon did not immediately respond to questions.<\/p>\n