Letter: Is Venezuelan Oil Good for America? 

Oil companies have not committed to investing in rebuilding Venezuela’s decayed oil fields. According to the research firm Rystad Energy, it would take $183 billion to restore Venezuelan oil production and would take a decade to rebuild (NPR January 7, 2026). Venezuelan oil will not lower American gas prices. Sales of oil to other countries will generate Venezuela’s infrastructure (Forbes, Jan 5, 2026.) 

The U.S. Energy Information Administration ( EIA) report notes there is more oil being produced than there is consumer need (January 13, 2026.) In addition, the price of oil has come down. Major oil companies do not want to invest in a product that doesn’t recoup investment or increase profits. According to Treasury Secretary Scott Bessant, many smaller oil, mining, and finance companies are seeking information about investing (Forbes January 8, 2025). On Jan. 10, 2026, Trump held a meeting with the major oil companies, urging them to commit to investing in Venezuela’s oil infrastructure. Most executives acknowledged the opportunity but stopped short of making a firm investment commitment. 

Trump also signed an executive order protecting any U.S.- held money derived from sales of Venezuelan oil. In fact, $500 million was made in the first sale of Venezuelan oil. Much of these funds were placed in a bank in Qatar. Senator Elizabeth Warren, the ranking member of the Senate Finance Committee, noted that ”this is precisely a move that a corrupt politician would be attracted to.” (news.meaww.com 1/15/2026.) 

In a January 2025 interview, Langworthy, who has since been appointed to the Energy and Commerce Committee that oversees energy policy, made it clear that he disagreed with President Biden’s actions to restrict some offshore drilling, as it would drive up oil costs (Olean Star). Meanwhile, fast forward to January 2026 and he is complicit with the questionable actions of Trump. 

Is Venezuelan oil the economic energy boost that Trump and Congressman Nicholas Langworthy want you to believe? For Trump and Langworthy, maybe, but not for the average American.

Sincerely,

Marita Florini

Newark Valley, N.Y.