 Energy & Environment |
Energy & Environment |
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US plans to sell Venezuelan oil 'indefinitely' |
"We're going to market the crude coming out of Venezuela: First this backed up stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace," he said at a Goldman Sachs energy conference in Miami. Trump announced late Tuesday that Venezuela would turn over between 30 million and 50 million barrels that would be sold and controlled by the president "to ensure it is used to benefit the people of Venezuela and the United States." On Tuesday, Wright detailed what could be significant U.S. involvement even before U.S. companies themselves expand into Venezuela. "We will have [the] U.S. as the supplier of diluent. It's got to get down there to enable that production," he said, referring to materials that can be used to dilute heavy crude oil like the oil that comes from Venezuela. "We're going to have that flowing again and as we make progress with the government, we'll enable the importing of parts and equipment and services to kind of prevent the industry from collapsing, stabilize the production, and then as quickly as possible, start to see it growing again and of course, in the long run, create the conditions that the major American companies that were there before — or maybe that weren't there before, but want to be there — will go in." Read more at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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| How policy will affect the energy and environment sectors now and in the future: |
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Secretary of State Marco Rubio told reporters on Capitol Hill that the Trump administration is close to executing a deal to take between 30 million and 50 million barrels of Venezuelan oil and sell it on the open market and then disperse the proceeds to direct Venezuela's transition to a new government. |
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President Trump said late Tuesday that Venezuela is going to turn over 30 million to 50 million barrels of oil to the U.S., an announcement that follows the recent operation in which U.S. military forces captured Venezuelan leader Nicolás Maduro. |
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President Trump is putting oil at the center of his administration's takeover of Venezuela. |
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The U.S. seized two oil tankers linked to Venezuela early Wednesday morning, one that was flying a Russian flag, drawing pushback from Moscow. |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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Upcoming news themes and events we're watching: |
- The House Science, Space and Technology Committee will hold a hearing on chemicals.
- The House Natural Resources Committee will hold a hearing titled "Fix Our Forests for Affordable and Reliable Water and Power Supplies."
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Two key stories on The Hill right now: |
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Minnesota Gov. Tim Walz (D) said that he has issued a “warning order” to prepare the Minnesota National Guard after a woman was fatally shot by an Immigration and Customs Enforcement (ICE) officer in Minneapolis on Wednesday morning. Read more |
| Defense Secretary Pete Hegseth got into a tense exchange with a CNN reporter Wednesday over the cost of U.S. intervention in Venezuela, accusing the outlet of being "disingenuous" in its coverage of last week's military operation. Read more |
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You're all caught up. See you tomorrow! |
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