Your taxpayer dollars are on the line to rebuild the Venezuelan oil industry

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00:00Your tax dollars will be used to pay back oil companies for helping Venezuela rebuild

00:04its broken oil industry.

00:06That is the idea President Trump has suggested following the US assistance in removing Nicolas

00:10Maduro from power.

00:11We're not spending money, the oil companies are going to go in, they're going to spend

00:14money, we're going to take back the oil that, frankly, we should have taken back a

00:18long time ago.

00:19Think of it like this.

00:20Venezuela's oil industry is a wrecked car, and Trump is saying the US taxpayers might

00:25help cover the repair bill so American oil companies can drive it again.

00:28Trump says rebuilding Venezuela's oil fields could boost the world's oil supply, lower

00:32gas prices, and give the US more control over energy.

00:36He told NBC News, quote, a tremendous amount of money will have to be spent and the oil

00:40companies will spend it, and then they'll get reimbursed by us or through revenue.

00:44Bloomberg and CNBC report that supporters say this could stabilize oil prices and help US

00:48companies recover assets they lost years ago.

00:51ExxonMobil and CanocoPhillips both had their projects taken by Venezuela in 2007, and Chevron

00:56is the only major US company still operating there today.

00:59Critics, however, including analysts quoted by Reuters and Bloomberg, warn that the plan

01:03could cost billions, take years, and be risky because Venezuela's government and laws are

01:08unstable.

01:09They compare it to fixing your neighbor's house while your own roof is still leaking.

01:12Some anonymous oil companies have also told Reuters that they have not talked with the

01:15White House about going into Venezuela, even though Trump said he met with them.

01:19Venezuela has the largest oil reserves in the world, but its system has fallen apart after

01:23years of alleged mismanagement and sanctions.

01:25Rebuilding it would be like trying to restart a factory that's been rusting for decades.

01:29It's expensive, slow, and uncertain.

01:31Energy Secretary Chris Wright is expected to meet with Chevron, ExxonMobil, and CanocoPhillips,

01:35but no major company has agreed to return yet.

01:38But what do you think?

01:39Should the US be involved in Venezuelan oil?

01:41Do you want your tax dollars going towards that?

01:43Let us know in the comments and follow us here for more.