Fox Business·2026-01-04 16:22Core Viewpoint - American energy firms are considering the potential return to Venezuela to revitalize its oil industry, which has suffered from years of neglect and underinvestment [1][5]. Group 1: Company Responses - Chevron is the only U.S. energy company currently operating in Venezuela and has stated it is adhering to relevant laws and regulations while focusing on employee safety and asset integrity [1]. - ExxonMobil and ConocoPhillips have not provided comments regarding their plans for Venezuela [2]. Group 2: Political Context - President Donald Trump announced intentions for U.S. energy firms to return to Venezuela to enhance oil production and sell large quantities of oil to other countries [5][7]. - Trump emphasized that the U.S. previously built Venezuela's oil industry and criticized the socialist government for taking control and nationalizing assets, which led to significant losses for American companies [8][11]. Group 3: Economic Potential - Venezuela possesses the world's largest oil reserves, but its potential remains largely untapped due to deteriorating infrastructure and lack of investment [5][6]. - Trump indicated that U.S. companies could invest billions to repair the oil infrastructure and generate revenue for Venezuela [6].