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 corporations will make investments $100 billion to rebuild Venezuela’s vitality sector following 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 fuel executives, Trump stated American vitality corporations will rebuild Venezuela’s “rotting” oil infrastructure and push manufacturing to file ranges.
“American corporations could have the chance to rebuild Venezuela’s rotting vitality infrastructure and ultimately enhance oil manufacturing to ranges by no means, ever seen earlier than,” Trump stated. “Once you add Venezuela and the USA collectively, we’ve 55% of the oil on this 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 Pictures / Getty Pictures)
Trump stated his administration will decide which corporations are permitted to function in Venezuela, in accordance with Reuters.
“Our big oil corporations shall be spending a minimum of $100 billion of their cash, not the federal government’s cash…to rebuild the capability and the infrastructure needed,” Trump stated. “Venezuela has additionally agreed that the USA will instantly start refining and promoting as much as 50 million barrels of Venezuelan crude oil, which is able to proceed indefinitely.”
The president stated the hassle would instantly profit U.S. shoppers, noting that fuel 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 Pictures / Getty Pictures)
“One of many issues the USA will get out of this shall be even decrease vitality costs. We have now folks 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 corporations within the assembly included Chevron, ExxonMobil, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Facet Holdings, Tallgrass, Raisa Power and Hilcorp.
Trump on Tuesday stated in a social media put up that Venezuelan oil shall be instantly turned over to the U.S., saying that “Interim Authorities in Venezuela shall be turning over between 30 and 50 MILLION Barrels of Excessive High quality, Sanctioned Oil, to the USA 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 a variety of alleged crimes. (Matias Delacroix/Getty Pictures / Getty Pictures)
“This Oil shall be bought at its Market Worth, and that cash shall be managed by me, as President of the USA of America, to make sure it’s used to profit the folks of Venezuela and the USA! I’ve requested Power Secretary Chris Wright to execute this plan, instantly. It is going to be taken by storage ships, and introduced on to unloading docks in the USA,” Trump defined.
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Chevron is presently the one U.S. oil firm working in Venezuela, whereas ConocoPhillips and ExxonMobil had operations within the nation earlier than the regime nationalized their belongings.
FOX Enterprise’ Emma Colton and Eric Revell contributed to this report.
