President Donald Trump says his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost.
Actually, most US refineries are set up to refine that heavy goop. It is not dissimilar to Alberta’s tar sands product (bitumen). And most US oil comes from Canada.
Him getting this oil is a piece of leverage against Canada and trying to remove a card from Canada’s deck against him taking our country.
Actually, most US refineries are set up to refine that heavy goop. It is not dissimilar to Alberta’s tar sands product (bitumen). And most US oil comes from Canada.
Him getting this oil is a piece of leverage against Canada and trying to remove a card from Canada’s deck against him taking our country.
And it has the subtle weakness of a tanker and port bottleneck
Also, as CBC pointed out this morning, this is basically the same annoucement he did when the US first took Venezeula.
Since then, apparently none of the oil companies have moved into Venezeula, so this might be an attempt to get any traction there.
“Venezuela’s oil exports fell slightly to 1.16 million barrels per day in July from 1.2 million bpd the previous month as the country drained fewer inventories, but exports to the U.S. jumped to some 786,000 bpd, the highest since early 2019, shipping data showed on Monday.” https://www.reuters.com/business/energy/venezuelas-oil-exports-fell-slightly-july-cargoes-us-rose-2026-08-03
No new projects are shovel in dirt.
Lots of promises and deals in thr making with Venezeula