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(166,194 posts) Thu Jan 8, 2026, 01:16 PM Jan 8

Trump plans to use Venezuela's huge crude reserves 'to cut US oil price to $50 a barrel' [View all]

Source: The Guardian

Thu 8 Jan 2026 07.00 EST
First published on Thu 8 Jan 2026 06.07 EST

Donald Trump plans to use Venezuela’s vast crude reserves to establish control of most of the western hemisphere’s oil in an attempt to drive the market price down to about $50 (£37) a barrel, according to reports.

The US president has repeatedly raised the prospect of producing enough crude from Venezuela’s oilfields to drive down the US oil price from more than $56 a barrel today to about $50 in an effort to cut energy costs for consumers, according to the Wall Street Journal, which cited senior Trump administration officials.

Global oil markets have already recorded significant losses in recent years due to an oversupply of crude. Prices slumped by almost 20% in 2025, marking the biggest annual loss since the Covid-19 pandemic and the first time the oil market has recorded three consecutive years of annual losses.

As well as driving market prices lower, officials reportedly claimed Trump’s plans to control Venezuela’s oil reserves, which are the largest in the world, include cutting Russia and China’s access to the South American country in order to establish a western hemisphere oil production stronghold.

Read more: https://www.theguardian.com/business/2026/jan/08/trump-plans-use-venezuela-huge-oil-reserves-to-cut-us-consumer-price-to-50-a-barrel

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61 replies

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Trump plans to use Venezuela's huge crude reserves 'to cut US oil price to $50 a barrel' [View all] BumRushDaShow Jan 8 OP

Right after he sends out those $2 K tariff checks...in about two weeks. jls4561 Jan 8 #1

Good, maybe some of the oil belt will go broke and the fossil fuel supporters will lose their jobs. walkingman Jan 8 #2

at $50 a barrel most Oil drilling is not feasible moonshinegnomie Jan 8 #3

Right, they'll just leave it in the ground until the price goes back up ToxMarz Jan 8 #8

THIS! Getting too near or even below the 'break-even point'. Jack Valentino Jan 8 #45

The 'Orinoco crude' A Badger Jan 9 #59

Trump don't math so good C_U_L8R Jan 8 #4

Like his claim that popsdenver Jan 8 #21

Hey Everybody! ruet Jan 8 #5

I remember. SergeStorms Jan 9 #54

Well, it is SAD that some Americans vote because of the price of eggs (TSF knows that now) so he's thinking, hey bluestarone Jan 8 #6

Maybe he can crash the Russian economy by flooding the oil market. mjvpi Jan 8 #7

Saudi and Russia sort of did that to themselves back in 2020 BumRushDaShow Jan 8 #12

I was shocked he allowed that tanker seizure. SHOCKED I tell you. Callie1979 Jan 8 #34

Wouldn't that piss off our oil executives and Pootie? Buddyzbuddy Jan 8 #9

Oil Executives "you want us to crush our own industry?" underpants Jan 8 #10

I'm confused by your implication. Buddyzbuddy Jan 8 #13

I don't think he was implying anything Miguelito Loveless Jan 8 #16

That was my obvious observation and the result would be the Felon reversing course. Buddyzbuddy Jan 8 #18

I was backing up what you posted underpants Jan 8 #19

Thank you, I misunderstood. Buddyzbuddy Jan 8 #24

Everyone is having a bad day. SergeStorms Jan 9 #55

What he is saying sounds a lot more like socialism than capitalism.... Ol Janx Spirit Jan 8 #11

Socialism is GOOD if it benefits trump. nt Callie1979 Jan 8 #36

Gore Vidal called it "free enterprise for the poor and socialism for the rich." Ol Janx Spirit Jan 8 #37

Only one big problem!!: Venezuela oil does NOT belong to the U.S. riversedge Jan 8 #14

"Possession is eleven points in the law, and they say they are but twelve" Ol Janx Spirit Jan 8 #38

If memory serves, most fracked oil Miguelito Loveless Jan 8 #15

The "breakeven" price BumRushDaShow Jan 8 #23

Thanks for the chart Miguelito Loveless Jan 8 #26

Most welcome! BumRushDaShow Jan 8 #31

No wonder he bankrupted casinos. Ray Bruns Jan 8 #17

Venezuela's oil, it's nasty... MiHale Jan 8 #20

Please consider making this a separate post -- and maybe xpost in Environment/Energy ! eppur_se_muova Jan 8 #22

Done ... MiHale Jan 8 #25

thanks! eppur_se_muova Jan 8 #30

Much of the U.S. gulf of MEXICO refineries can process heavy, sour crude lonely bird Jan 8 #33

Boscan crude is, apparently, basically a rock under all but the most niyad Jan 8 #46

Step 1: Drive oil prices to $50/BBL. markodochartaigh Jan 8 #27

"Step 3: Listen to outraged Republicans go ballistic over spiraling US debt." BumRushDaShow Jan 8 #32

Step 3 only happens when a Dem is president and... Justice matters. Jan 9 #56

Next week's New Yorker Coldwater Jan 8 #28

Here - BumRushDaShow Jan 8 #41

It's so weird that so much of our oil truthisfreedom Jan 8 #29

Right? intrepidity Jan 9 #58

The economic moron stricks again. American producers will go bust on $50/barrel oil. flashman13 Jan 8 #35

but what about the relief utherpendragon Jan 8 #39

$50 oil would destroy the economies of Texas and North Dakota NickB79 Jan 8 #40

everything he says is a lie Nigrum Cattus Jan 8 #42

It was not long ago BidenRocks Jan 8 #43

the price is not trump's goal. its headlines Tetrachloride Jan 8 #44

Quiet, Piggy orangecrush Jan 8 #47

Everything he gets his tiny hands into, falls flat. C Moon Jan 8 #48

American oil companies have said they don't want Venezuela's oil IronLionZion Jan 8 #49

Dump making more shit up to destroy the economy sakabatou Jan 8 #50

Stand down everyone. SalamanderSleeps Jan 8 #51

BFD AverageOldGuy Jan 8 #52

Why, will hardly notice the military mowing us down..... SergeStorms Jan 8 #53

Trump talks to make himself feel good. Sometimes, like here, the word salad includes a number salad. hay rick Jan 9 #57

"Mexico will build the wall and pay for it...". More lies from Trump who likes to suggest his stealing will benefit artemisia1 Jan 9 #60

No, he is gong to use it to enrich himself and pay for that ballroom. (n/t) OldBaldy1701E Jan 9 #61