"President Donald Trump's capture of Venezuelan dictator Nicolas Maduro spurred big gains for American oil companies on Monday, with investors apparently embracing the president's drill, baby, drill mantra. Chevron's share price jump 5.1% and Marathon Petroleum's stock surged nearly 6%, while the big winner of the day was Valero with its 9.2% increase; ConocoPhillips and Exxon Mobil both increased more than 2.2% by the time markets closed as well."
"Chevron is the only U.S. oil company still operating in Venezuela, under a waiver for the heavy sanctions on the country. Chevron's stock is up 8.5% in the last 5 days. The biggest impact on the market can be seen in oil prices, Fox Business reporter Taylor Riggs said on Monday afternoon about Maduro's ouster. Fox Business reporter Edward Lawrence joined her right after and reported Venezuela has the world's largest supply of oil reserves."
"The big day for oil companies comes after the president said the U.S. will bring oil companies into Venezuela. Trump told reporters on Saturday the U.S. would get the oil flowing the way it should be because America had built that whole industry there. Aboard Air Force One on Sunday, Trump said the strike against Venezuela was about more than just oil, though. It's about peace on earth, he said."
President Donald Trump's capture of Venezuelan dictator Nicolas Maduro triggered sharp gains in U.S. oil stocks, with Chevron up 5.1%, Marathon Petroleum nearly 6%, Valero 9.2%, and ConocoPhillips and Exxon Mobil rising over 2.2% by market close. Chevron remains the only U.S. oil company operating in Venezuela under a sanctions waiver; its stock rose 8.5% over five days. Fox Business reported Venezuela holds roughly 303 billion barrels of oil reserves versus about 395 million in the United States. A single oil barrel contains 42 gallons. Trump said the U.S. will bring oil companies into Venezuela, invoked "drill, baby, drill", and linked energy independence to lower costs and greater security while referencing the Monroe Doctrine.
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