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Trump to meet with oil executives at White House. What we know about U.S. plans for Venezuela
President Donald Trump met Friday afternoon with more than a dozen oil companies at the White House to discuss plans for investment in Venezuela, less than a week after the U.S. ousted President Nicolas Maduro.
Exxon CEO Darren Woods, ConocoPhillips CEO Ryan Lance, and Chevron Vice Chairman Mark Nelson attended. Executives from Halliburton, Valero and Marathon were also present among others.
Trump said oil companies will spend at least $100 billion to rebuild Venezuela's energy sector. The U.S. will provide security and protection so "they get their money back and make a very nice return," he said.
The U.S. will decide which oil companies enter Venezuela, the president said. The White House will "cut a deal with the companies" Friday or shortly thereafter, he said.
'What we call corruption': Harvard economist and former Venezuelan minister says Trump’s oil profit motives have no place in Venezuela's future
President Donald Trump has assured the people of Venezuela that his undertaking to restore the country’s oil infrastructure will be mutually beneficial to both them and the U.S.
Ricardo Hausmann, professor of the practice of international political economy at the Harvard Kennedy School, isn’t convinced.
“There’s a reason why there’s no profit motive in government,” Hausmann told Fortune, referring to the U.S. controlling the Venezuelan oil market. “Profit motive in government is what we call corruption.”
Trump has unveiled lofty plans to revive Venezuela’s troubled oil industry, just days after U.S. forces captured Venezuelan leader Nicolas Maduro over the weekend. The White House explicitly said Maduro’s arrest—and the U.S.’s subsequent takeover of some of the country’s affairs—was an effort to dominate the Western Hemisphere, invoking the 19th century Monroe Doctrine to justify intervention in Venezuela. Venezuela is home to the world’s largest proven crude oil reserves.
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Behind the scenes of who is attending Trump's oil executive meeting after Maduro operation
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American Energy Institute founder and CEO Jason Isaac discusses President Donald Trump’s push to lower oil prices and the role Venezuelan oil could play on ‘The Bottom Line.’
President Donald Trump is hosting a group of top oil executives at the White House to discuss investment in Venezuela following the military's successful capture of the nation's dictatorial president, Nicolás Maduro, and his wife over the weekend.
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