In a bold move, President Donald Trump has set his sights on Venezuela’s vast crude oil reserves in a bid to drive down American energy costs for consumers. According to senior administration officials, the president aims to establish control over a significant portion of the western hemisphere’s oil supply, with the goal of pushing the market price down to around $50 (£37) per barrel.
Trump has repeatedly emphasised the potential of tapping into Venezuela’s oil fields to reduce the current US oil price of more than $56 per barrel, a strategy he hopes will ultimately lower domestic energy bills. This comes as global oil markets have already experienced substantial losses in recent years due to an oversupply of crude, with prices plummeting by almost 20% in 2025 – the largest annual decline since the COVID-19 pandemic and the first time the market has recorded three consecutive years of annual losses.
In addition to driving down market prices, officials have revealed that Trump’s plans to control Venezuela’s oil reserves, which are the largest in the world, include cutting off access for Russia and China in order to establish a Western Hemisphere oil production stronghold. The White House has confirmed that the US intends to “indefinitely” control Venezuela’s oil sales, having already laid claim to 50 million barrels of sanctioned crude that is currently stranded in tankers and storage facilities. This oil, which could be worth up to $3 billion on the global market, is set to be used to “benefit the Venezuelan people,” according to US Energy Secretary Chris Wright.
Notably, Trump has stated that Venezuela will use the profits from any deal with Washington to purchase only US-made goods, a move that could further boost American manufacturing. However, doubts remain about whether the Trump administration will be able to revive Venezuela’s beleaguered oil industry, which has suffered from decades of underinvestment and corruption. While the president has promised that US oil companies will return to the region and invest billions in upgrading infrastructure and increasing production, executives have expressed caution, seeking “serious guarantees” from the administration before committing significant resources.
As the Trump administration navigates the complex geopolitical and economic landscape, the potential impact of its bold move to harness Venezuela’s oil reserves to lower US fuel prices remains to be seen. The outcome will undoubtedly have far-reaching implications for the global energy market and the ongoing power dynamics in the Western Hemisphere.
