Chevron IS in Venezuela already….
But?
Other American major oil companies HAVE indicated that they see no reason to gamble on spending billions in a unstable , economically hurting , Right leaning country ….
And?
They KNOW that Trump ain’t gonna be President forever and he IS known to change directions on things doesn’t he?
He would only commit to sending a technical team to the country shortly to begin assessing the situation. The exchange underscored how the industry is struggling to chart a course that will please the president without spending recklessly on risky drilling ventures.
The afternoon meeting was attended by several major oil companies in addition to Exxon, including Chevron, ConocoPhillips and Shell. Chevron is the only U.S. firm operational in Venezuela. Trump vowed the companies that commit to pumping in Venezuela will make substantial profits, but the firms, aware of the extremely challenging economics and security concerns around drilling in the unstable Latin Americannation, are reticent to commit.…..
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While the largest oil U.S. companies hedged, some of the executives in the room said they would heed Trump’s call. Among the most enthusiastic was Jeff Hildebrand of Hilcorp, a large, privately owned oil and gas producer…
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“The math doesn’t work,” said Ed Hirs, an energy economist at the University of Houston. “No oil company is going to invest money in a losing venture.”
The economic realities have moved Trump to suggest that perhaps the United States will find some way to subsidize U.S. firms that invest in Venezuela. It is a fraught prospect. Members of Congress are already warning the oil executives against entering into any deal that involves U.S. tax dollars, with Sen. Peter Welch (D-Vermont) and eight other Democratic senators sending a letter to oil executives Friday warning them that any subsidies the administration offers them could be rescinded by lawmakers….
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