Trump's energy meeting shows he understands importance of energy dominance

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Energy secretary says Trump has ‘changed the global energy discussion’

Energy Secretary Chris Wright discusses America’s energy production goals, previews President Donald Trump’s speech at the World Economic Forum and more on ‘The Faulkner Focus.’

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During his remarks at the World Economic Forum, President Donald Trump re-emphasized his commitment to American energy dominance 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 people of Venezuela. Both are worthy and achievable goals.

President Trump set the wheels of this plan in motion when he re-assembled America’s leading oil and gas executives at the White House. The purpose was strengthening American interests in the Western Hemisphere after Nicolás Maduro had been removed from power. Venezuela is home to the world’s largest supply of crude oil reserves.

By toppling Maduro and inviting American energy leaders to the table to discuss the rebuilding of its infrastructure, Trump sent a powerful message to China and other hostile foreign actors: mess around in our backyard at your own peril.

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Trump not only understands that energy dominance means global dominance but is willing to act on 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 an impoverished country into a brighter future. 

A pump jack stands near an oil spill at a Petroleos de Venezuela SA (PDVSA) facility in the Orinoco Belt of El Tigre, Venezuela. (Bloomberg/Getty Images)

While Venezuela is blessed with the world’s largest supply of crude oil reserves, its output of 1 million barrels a day is a pittance of what it could be. As U.S. Energy Secretary Chris Wright said oil can only "become a resource with technology, with capital, with rule of law and a system of governance that encourages the harvesting of those resources to make a better world." 

My home 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 fallen into a state of ruin because of its corrupt and illegitimate political leaders, and its citizens are paying the price. 

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Yet countries without our tremendous natural resources have come to rely on Venezuelan oil to power their own countries. China, for example, is home to 1.4 billion people, and produces around 4 million barrels of oil per day. Its demand far exceeds domestic output, forcing a reliance on other forms of energy like coal. China is the world’s largest importer of oil. More than half of Venezuelan oil exports go to China, often under flagless "shadow fleets" to avoid global sanctions.  

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