Oil Giants Convene at White House as Trump Outlines Venezuela Energy Plan
President Donald Trump speaks with reporters on the South Lawn of the White House - where he addressed the Venezuela oil talks by saying, “It was a great meeting we had today with the biggest companies anywhere in the world” - before boarding Marine One in Washington, DC on January 9, 2026. (Landon Shackelford/AKSM Photography)
Oil and gas executives convened at the White House to discuss with President Trump the future of oil and gas production in Venezuela.
Article by Abigail Gambla, Assistant Chief White House Producer
WASHINGTON - Friday afternoon, President Trump held a meeting with nearly twenty of the biggest names in the oil and gas industry. With Vice President JD Vance, Secretary of Energy Chris Wright, and Secretary of State Marco Rubio present as well, attendees commented on the future of oil production in Venezuela and governmental affairs promptly after an operation to capture President Nicolas Maduro under criminal charges. Trump also addressed several questions regarding Greenland’s autonomy and opposition leader Maria Machado’s upcoming visit to the White House.
In regards to relations with the Venezuelan government and its people, Trump announced that they are currently on good terms.
“We are getting along extremely well with the people of Venezuela. Both the people and the people that are running Venezuela.”
As for the purpose of the meeting, Trump asserted that he and the executives would discuss in detail how to revitalize the current state of oil production in Venezuela.
“So we are going to discuss how these great American companies can help rapidly rebuild Venezuela's dilapidated oil industry and bring millions of barrels of oil production to benefit the united states”
Trump elaborated on the purpose of government involvement to assist oil companies in easing their ability to conduct business after years of inability to safely drill.
“You have total safety and total security. One of the reasons you couldn’t go in is you had no guarantees.”
Trump then asserted the benefits to the American people, stating gas prices as low as $1.92 per gallon compared to prices at nearly $5.
“One of the things the United States gets out of this is even lower energy prices."
As for implementation, Trump announced that companies would personally fund the restoration of Venezuela’s current production facilities.
“The plan is for them to spend at least $100 billion to rebuild the capacity and infrastructure necessary”
Vice President Vance then recognized Trump's ability to accomplish the military operation of capturing Maduro and commented on the subsequent positive outcomes for the United States.
“Now you have an American president who has empowered the American military to stop the flow of drugs into our country and to ensure that we as opposed to our adversaries control one of the great energy reserves that exists anywhere in the entire world and he did it without losing a single American life in the process.”
Secretary of Energy Chris Wright elaborated on the importance of transforming the resources present into goods that can be transported and used across the globe.
“When you have materials underground, they’ve been underground for a million years. That does not make them a resource. That does not make them valuable for your country, your people or the world. They only become a resource with technology, with capital, with rule of law and a system of governance that encourages the harvesting of those resources to make a better world.”
Several executives from Chevron, Exxon Mobil, and Conoco expressed gratitude to the president for the opportunities he has given them in regards to expanding operations. Chevron CEO Mike Worth recognized the impact of President Trump convening a discussion on the development of US energy.
“Thank you for conveying this gathering. Thank you for your leadership and thank you for continuing to keep American energy domination in the forefront.”
Trump asserted the dire need for further involvement in Venezuela and extraction of oil production, referring to other countries’ desire for the state’s resources.
“If we didn’t do this then China and Russia would have been there.”
Despite reluctance to give China and Russia control, Trump was very open to conducting business with them.
“China and Russia and everybody else can go and we will be open for- business immediately”
Secretary Marco Rubio stepped in to answer a question about how Cuba’s government would react to the sudden change of government, considering their close relations to the state.
“The people in control in Cuba have a choice to make. They can either have a real country with a real economy where their people can prosper or they can continue with their failing dictatorship that's going to lead to systemic and societal collapse.”
Trump commented on a recent talk with Colombian leadership, and addresses concerns about meetings in the future.
“I look forward to meeting with him. We are going to meet in the very near future.”
Trump then expressed anticipation for his upcoming meeting with Maria Corina Machado, a Venezuelan opposition leader who recently received the Nobel Peace Prize for her continuous fight for democracy.
“She's going to come in and pay her regards to our country.”
With respect to the Nobel Peace Prize, Trump declared that due to his success in ending ‘eight wars’ across the world, he might be more deserving of it.
“I can’t think of anyone in history that should get the Nobel Peace Prize more than me.”
When asked what the ultimate end goal the American government would strive to achieve in Venezuela, Trump championed a fully developed government.
“We want stability but we want democracy. Ultimately it will be democracy”
Concerning Greenland’s autonomous status, Trump affirmed that they will continue to pressure the state to fall under the rule of the American government in lieu of others taking control.
“We are going to do something on Greenland, whether they like it or not because if we don’t do it, Russia or China will take over Greenland and we’re not going to have Russia or China as a neighbor.”
When questioned why Trump won’t simply assert military control in Greenland, Trump cited that military control would depend on ownership.
“Because when we own it we defend it.”
Trump echoed similar thoughts about other foreign countries having control of a state so close to American borders.
“We can’t have China or Russia occupy Venezuela.”
Following Trump’s encouragement, each executive present introduced themselves, their company, and their purpose to the revitalization of oil production in Venezuela. In a final statement, Trump concluded that despite Venezuela's previous oil production conditions, new advancements from oil executives will change the state’s trajectory.
“Venezuela has been really taken advantage of by a lot of people because they drilled very little, as much as you hear they have. They’ve drilled a very very small percentage. That will change very rapidly because these are the biggest people.”