Trump’s energy conference shows that he understands the importance of energy governance
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During his remarks at the World Economic Forum, President Donald Trump reiterated his commitment to the power of America and the role that Venezuela can play. As the founder of one of America’s largest privately held oil and gas companies, my company is ready to play our part, which will mean lower prices and increased security for our citizens and brighter days for the Venezuelan people. Both are reasonable and achievable goals.
President Trump set the wheels of this plan in motion when he reshuffled US oil and gas officials at the White House. The aim was to strengthen US interests in the Western Hemisphere after Nicolas Maduro was ousted from power. Venezuela is home to the world’s largest source of crude oil.
By ousting Maduro and inviting US power leaders to the table to discuss rebuilding its infrastructure, Trump has sent a powerful message to China and other hostile foreign players: insult our backyard at your peril.
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Trump not only understands that the dominance of power means global domination, but he is determined to do something about it. At the same time, Venezuela deserves better than the quarter century of corruption they have endured, and the American energy industry can help lift the impoverished country into a brighter future.
A pump jack stands next to an oil spill at the Petroleos de Venezuela SA (PDVSA) facility in the Orinoco Belt of El Tigre, Venezuela. (Bloomberg/Getty Images)
Although Venezuela is blessed with the world’s largest reserves of crude oil, its production of 1 million barrels per day is a fraction of what it could be. As US Energy Secretary Chris Wright said, oil can only be, “a resource with technology, money, law and governance that encourages the harvesting of those resources to make a better world.”
Our state of Texas produces 6.3 million barrels of crude on any given day thanks to the hard work of nearly half a million oil and gas workers in our state. Venezuela’s industry has been ruined by its corrupt and illegitimate political leaders, and its citizens are paying the price.
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Yet countries without our amazing natural resources still rely on Venezuelan oil to power their countries. China, for example, is home to 1.4 billion people, and produces about 4 million barrels of oil per day. Its demand far exceeds domestic production, forcing reliance on other forms of energy such as coal. China is an oil importer. More than half of Venezuela’s oil exports go to China, often via flagless “shadow vessels” to avoid global sanctions.
Toppling Maduro faced immediate problems in China’s energy supply and international standing.
Finally, let’s not forget the people of Venezuela. Under Maduro and former President Hugo Chavez, the nation’s poverty rate has risen to nearly 90%. About one in four people out of 32 million have been forced to leave their homes. Food, education, health care and necessities are not in question for many.
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All this misery despite the abundance of the nation’s natural resources, mismanaged and abused by a corrupt, illegal and corrupt regime. For evidence of the failure of socialism, look no further than Caracas.
Trump not only understands that the dominance of power means global domination, but he is determined to do something about it.
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The critics who cast doubt on Venezuela’s path forward are the same people who thought it was fool’s gold to go to Prudhoe Bay on Alaska’s North Slope along the Arctic Ocean. The conditions were too poor to ever make the investment worthwhile, they said. Today, Prudhoe Bay is one of the most important energy resources in the United States.
Our country is inspired by the spirit of entrepreneurship – the belief that opportunities are endless through tenacity, determination and hard work. We defied the odds to gain independence, expand westward, put a man on the moon. We build companies from the ground up that provide great jobs, including nearly 11 million in the oil and gas industry.
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Under the pro-energy leadership of President Trump, Hilcorp Energy, and many others, private and large, are poised to begin this next chapter – one that could open up more opportunities for America, give new hope for Venezuela and put China on their heels. It won’t be easy, but nothing worthwhile.
