Is Venezuela America's Oil "Plan B"?

Doug Burgum, the U.S. Secretary of the Interior, pushed for increased access to Venezuela’s reserves of minerals and gold for the U.S. during his visit on March 4th and 5th. In response, the leader of Venezuela’s interim government, Delcy Rodríguez, promised to introduce new mining measures to national lawmakers that would allow foreign companies to extract Venezuelan minerals.

This deal is the result of an effort by the administration to restore Venezuela’s mining sector and increase investment. Since January of 2026, the Trump administration has essentially seized control of Venezuela’s oil industry. Oil exports have taken a major hit after the US took action against three ships that had been used to carry and export oil last December. 

Because the oil export industry accounts for a large majority of the country’s foreign earnings, measures to remedy the inability to export is a top priority for Venezuelan government officials. Oil holds great importance in Venezuela, as it is more than a means for currency, but also a source of national pride to the nation. 

President Trump has argued that Venezuela stole U.S. oil and has also announced that the country will provide 30-50 million barrels of oil to the US. Trump has made several recent moves to expand Venezuelan crude exports to the U.S. and even in the last week, new contracts have been signed to supply crude oil and refined products to the U.S. Gulf Coast refineries. 

The U.S. has authorized a limited license allowing Venezuela's state-run mining company Minerven and its subsidiaries to export, transport and sell Venezuelan gold to the U.S. None of the gold is permitted to be exchanged with Cuba, North Korea, Iran or Russia. The U.S. has been working towards increased access to Venezuelan oil and mining since January 3rd, following the operation to imprison Mr. Maduro, the Former President of Venezuela. 

It is not surprising that the US has exhibited this strong interest in Venezuela’s oil, considering both its rarity and the fact that the country has one of largest oil reserves in the world. Trump’s interest in oil is less about U.S. supremacy, and more about the fact that an increase in leverage for the U.S. in the oil industry could result in an increased supply to the global markets. 

Claudio Galimberti, a global market analysis director and chief economist at Rystad Energy, states, 

“If you ask any oil company around the world, go to their exploration team, their geologists, and ask them where is oil going to come from in the 2030's and 2040's, their answer is a rather scary, 'We don't know.' So there is going to be a problem of finding oil in the next few years."

Essentially, the global supply of oil is exceeding the demand, so increased production in Venezuela is not a top priority at the moment. But considering estimates are predicting that by 2035, an estimation of 25 million barrels of oil will be needed per day, the U.S. has found itself determined to rely heavily on Venezuela, rather than other countries, to ensure energy security. 

Venezuela's insecurity stems from Trump’s claim that the U.S. should essentially “take back” oil that he believes rightfully belongs to the U.S. Venezuela’s oil has done more for the country than boost its finances. Nonetheless, Trump cites the expropriation of assets from U.S. businesses in 2007 to justify his assertions.

It remains unclear whether or not this attempt to control the oil industry from both sides is our best means of efficiently providing for the world’s environmental future. The Trump administration’s current platform on this issue is centered around the argument that the U.S. is the best means for efficiently allocating our oil resources, more than just within the country borders. No matter how many people urge the government to pursue more environmentally sound means for energy, the general public will continue to rage over gas prices, which Trump does believe he will lower long-term through this endeavor. 

But are cheap gas prices really the end goal? Maybe the current struggle over Venezuela’s reserves is a mere delay to a much larger problem. This conflict ultimately highlights the much deeper issue that the global economy remains far too dependent on a resource that will not sustain us long-term. Should we be more concerned with the fact that we don’t know who the oil source will be in two decades? Maybe this assertion points back to the proposition that humanity does not have a “Plan B” planet waiting for us when we dry up this one.