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.’
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.
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.
Toppling Maduro dealt an immediate blow to China’s energy supply and international standing.
Finally, let us not lose sight of the people of Venezuela. Under Maduro and former President Hugo Chavez, the nation’s poverty rate has spiked to nearly 90%. Roughly one in four of the 32 million population have been forced from their homes. Food, education, healthcare and necessities are out of the question for many.
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All this misery in spite of the nation’s abundant natural resources, which have been mismanaged and abused by a corrupt, illegitimate and evil regime. For proof of socialism’s failures, look no further than Caracas.
Trump not only understands that energy dominance means global dominance, but is willing to act on it.
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The critics casting doubt on the path forward in Venezuela are the same people who thought it was fool’s gold to go to Prudhoe Bay on Alaska's North Slope along the coast of the Arctic Ocean. The conditions were too inhospitable to ever make the investment worthwhile, they said. Today, Prudhoe Bay is one of the most significant energy resources in the United States.
Our country has been fueled by an entrepreneurial spirit – the belief that possibilities are endless through grit, determination and hard work. We defied the odds to earn our independence, we expanded west, we put a man on the moon. We build companies from the ground up that provide good 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, as well as many others, both independent and major, stand at the ready to embark on this next chapter – one that can unlock more potential for America, provide new hope for Venezuela and put China on their heels. It won’t be easy, but nothing worthwhile ever is.
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