Trump’s Venezuelan oil adventure is coming apart at the seams
Trump thinks the spigots will soon start flowing with Venezuela’s oil. The oil industry isn’t eager to see that happen.
Darren Woods is known mostly as the chairman of ExxonMobil, the largest U.S. oil company. On Friday, however, he made noise in a different sphere by placing an obscure financial term into the political lexicon: “Uninvestible.”
That’s how Woods described Venezuela — more specifically, Venezuela’s oil industry. His remark came during a meeting of some two dozen oil executives convened at the White House by President Trump, whose goal was to collect their praise for his capture and arrest of Venezuelan strongman Nicolás Maduro to face U.S. drug trafficking charges.
Trump opened the session with a lengthy spiel suggesting that the spigots of Venezuelan oil would soon be open, flooding the market with cheap petroleum for the benefit of American taxpayers, Venezuelan citizens and big oil companies.
