The clock is ticking down to May 27 when the future of U.S. oil and gas operations in Venezuela hangs in the balance. On that date, the Trump administration’s temporary licenses allowing American energy companies to operate in Venezuela are set to expire.
President Trump has wisely chosen “America First” and energy dominance as central pillars of his policy agenda and faces a critical decision: extend these licenses and secure America’s interests, or allow our adversaries - China, Russia, and Iran - to seize control of a vital energy sector in our hemisphere.
Make no mistake. Nicolás Maduro has led his country into disarray and left his people clamoring for better economic and social opportunities. But for decades, U.S. companies have often played a stabilizing role in country, and, with the world’s largest proven oil reserves, these American firms have not only kept a crucial portion of Venezuela’s oil flowing to global markets but have also provided a strategic counterweight to hostile actors seeking to expand their influence in Latin America.
If the U.S. withdraws, the vacuum will be filled instantly and aggressively by China, Russia, and Iran: three nations that have made no secret of their ambitions to challenge U.S. power and undermine our security.
First and foremost, extending these licenses is a matter of energy security. American oil and gas companies in Venezuela help ensure a stable, diversified supply of oil for U.S. refineries and global markets. Their presence helps to moderate price volatility at the pump, which is especially critical as Americans continue to feel the pinch of inflation and global supply disruptions. If U.S. firms are forced to exit, global oil supplies will tighten, driving up prices for American consumers and making us more vulnerable to the whims of OPEC and other foreign producers.
The economic consequences would be felt far beyond the gas station. Higher energy prices ripple through the entire economy, raising costs for manufacturing, transportation, and food. Working American families, already stretched by rising costs, would bear the brunt of this avoidable shock. By keeping U.S. companies in Venezuela, President Trump can help shield Americans from unnecessary price spikes and keep our economic recovery on track.
The argument for extending these licenses goes far beyond economics. The presence of American firms in Venezuela is a critical lever of geopolitical influence – and a hedge against geopolitical adversaries and competitors. China has already invested billions in Venezuela’s oil infrastructure and is now the country’s largest creditor and trading partner.
Russia and Iran, meanwhile, have signed sweeping energy cooperation agreements, sent military advisors, and provided diplomatic cover for the Maduro regime. If U.S. companies are forced out, these adversaries will take over operations, gain access to strategic resources, and further entrench their influence over the Venezuelan government.
This is not a hypothetical threat. Chinese tankers are already shipping Venezuelan oil under the radar, while Russian and Iranian firms are poised to expand their footprint the moment the U.S. steps back. Allowing this to happen would be a colossal strategic blunder, undermining decades of American engagement in the region and giving our adversaries a launchpad for further operations in our own backyard.
President Trump’s America First doctrine is clear: prioritize U.S. interests, strengthen our energy independence, and keep hostile powers at bay. Extending the licenses for U.S. oil and gas companies in Venezuela is entirely consistent with these principles. It keeps American firms at the center of a vital supply chain, preserves our leverage in Latin America, and denies China, Russia, and Iran a critical victory.
Abandoning oil and gas engagement in Venezuela does nothing to advance democracy or human rights, it simply hands the keys to hostile nations with even less regard for those values. By maintaining a commercial presence, the U.S. can continue to exert necessary pressure on the Maduro government and shape outcomes in ways that align with our interests and values.
As the May 27 deadline approaches, President Trump can once again take action that supports affordable energy, regional stability, and America’s standing in the world, by extending these vital licenses and keep U.S. oil and gas in Venezuela, where it belongs, serving American interests first.
