Interior Secretary Doug Burgum told Newsmax on Thursday that improving U.S. relations with Venezuela and eventually accessing its oil reserves under a friendly government could help lower energy costs for American consumers and boost national prosperity.
Burgum told "Rob Schmitt Tonight" the primary focus of President Donald Trump's engagement with Venezuela is security and prosperity for the American people, not just oil, though Caracas has "the world's largest oil reserves."
He described the long-strained relationship with President Nicolas Maduro as having allowed "bad actors" like Iran, Russia, and China to gain influence, worsening the country's economy and driving millions of Venezuelans to flee.
Trump's strategy positions the U.S. to stabilize energy markets and reduce fuel costs for Americans.
"This is fantastic for American consumers," Burgum said, adding it will lead to "lower price of gas" and enhance security in the region.
When asked about the impact of a potential future Venezuelan election and a friendlier leadership giving the U.S. access to Venezuelan crude, he said it would strengthen U.S. energy markets and undercut OPEC's influence.
"We built a partnership and a relationship" with Venezuela decades ago, noting U.S. Gulf Coast refineries historically were configured to process Venezuelan heavy crude.
After sanctions cut off that supply and Venezuela sold oil at a discount to countries including Iran, Russia, and China, the relationship faltered. Renewed access would help stabilize energy markets and keep Venezuelan oil in the Americas instead of overseas.
Burgum also argued that Venezuela's oil industry needs investment and that increased exports to the U.S. would help "rebuild this country" while providing a steady stream of heavy crude to U.S. refineries, which could translate to cheaper gasoline and energy at home.
Administration officials have recently signaled interest in boosting Venezuelan oil production and exports as part of a broader energy strategy under Trump. U.S. talks have included potential shipments of Venezuelan crude to U.S. ports, which could help jobs and fuel prices if implemented.
Trump wrote Tuesday night on Truth Social that the "interim authorities" in Venezuela would turn over between 30 million and 50 million barrels of oil to the U.S. to be sold at market prices. Based on current oil prices, that oil would be worth roughly $1.7 billion to $3 billion.
Trump has publicly promoted the return of U.S. oil companies to help rebuild Venezuela's fractured oil infrastructure.
White House press secretary Karoline Leavitt confirmed during Wednesday's briefing, which aired live on Newsmax, that Trump will meet with oil company executives at the White House on Friday to discuss ways to revive Venezuela's oil sector.
The CEOs of ExxonMobil and ConocoPhillips, as well as a representative from Chevron — the only major U.S. oil company currently operating in Venezuela — are expected to attend the meeting, according to CNBC.
Venezuela's oil production infrastructure has deteriorated; a challenge U.S. firms would need to address.
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