Episode Details

Chevron is doubling down on Venezuela, set to invest $7 billion over five years to more than double its oil output to 600,000 barrels a day by 2026, securing new land in the Orinoco Belt and partnering with the Pentagon for profit-sharing. With Venezuela holding the world’s largest proven oil reserves, Chevron’s move—backed by a recent visit from U.S. officials—signals a long-term bet on low-cost oil growth, despite skepticism over Venezuela’s crumbling infrastructure and the legitimacy of its acting president’s authority. While President Trump pushes to reduce Middle Eastern dependence, Exxon remains uninterested, all as gas prices soar at home.

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