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 mentioned main U.S. oil firms will make investments $100 billion to rebuild Venezuela’s power sector after the profitable seize of Venezuelan dictator Nicolás Maduro.
Talking within the East Room of the White Home throughout a gathering with almost two dozen prime oil and fuel executives, Trump mentioned American power firms will rebuild Venezuela’s “rotting” oil infrastructure and push manufacturing to document ranges.
“American firms may have the chance to rebuild Venezuela’s rotting power infrastructure and finally improve oil manufacturing to ranges by no means, ever seen earlier than,” Trump mentioned. “While you add Venezuela and the USA collectively, we’ve got 55% of the oil on the earth.”
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 Photos / Getty Photos)
Trump mentioned his administration will decide which firms are permitted to function in Venezuela, in accordance with Reuters.
“Our big oil firms will probably be spending at the very least $100 billion of their cash, not the federal government’s cash … to rebuild the capability and the infrastructure crucial,” Trump mentioned. “Venezuela has additionally agreed that the USA will instantly start refining and promoting as much as 50 million barrels of Venezuelan crude oil, which can proceed indefinitely.”
The president mentioned the hassle would instantly profit U.S. customers, 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 Photos / Getty Photos)
“One of many issues the USA will get out of this will probably be even decrease power costs. Now we have folks now getting gasoline for $1.99, $1.96, $1.95, $1.92,” Trump mentioned. “It was once $3.5, $4, $5 a gallon. Consider that. $1.99.”
The lineup of oil firms within the assembly included Chevron, ExxonMobil, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Side Holdings, Tallgrass, Raisa Power and Hilcorp.
Trump on Tuesday mentioned in a social media put up that Venezuelan oil will probably be instantly turned over to the U.S., saying, “Interim Authorities in Venezuela will probably 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 quite a few alleged crimes. (Matias Delacroix/Getty Photos / Getty Photos)
“This Oil will probably be bought at its Market Worth, and that cash will probably be managed by me, as President of the USA of America, to make sure it’s used to learn the folks of Venezuela and the USA! I’ve requested Power Secretary Chris Wright to execute this plan, instantly. It will likely be taken by storage ships, and introduced on to unloading docks in the USA.”
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Chevron is the one U.S. oil firm working in Venezuela, whereas ConocoPhillips and ExxonMobil had operations within the nation earlier than the regime nationalized their property.
FOX Enterprise’ Emma Colton and Eric Revell contributed to this report.
