"A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they'll get reimbursed by us or through revenue,"
"They were pumping almost nothing by comparison to what they could have been,"
"Having a Venezuela that's an oil producer is good for the United States because it keeps the price of oil down."
The United States may reimburse American oil companies for repairing and expanding Venezuela's deteriorated oil infrastructure, with companies fronting costs and later recouping payments or revenue. Venezuela holds roughly one-fifth of the world's oil reserves but currently produces under 1% of global daily output because of sanctions, corruption, and badly damaged infrastructure. Recent U.S. forces' action in Caracas captured President Nicolás Maduro and his wife, and removal of Maduro could unlock vast reserves. Increasing Venezuelan output could lower global oil prices, reduce gasoline costs for Americans, and potentially disincentivize major U.S. oil firms such as Exxon Mobil, Chevron, and ConocoPhillips without subsidies.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]