Trump: Venezuela Purchasing Only American Products with Money from Oil

I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal. These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities. In other words, Venezuela is committing to doing business with the United States of America as their principal partner – A wise choice, and a very good thing for the people of Venezuela, and the United States. Thank you for your attention to this matter!

Trump’s latest announcement follows as Energy Secretary Chris Wright said the Trump administration will sell Venezuelan oil “indefinitely” and control the proceeds.

“We’re going to market the crude coming out of Venezuela—first this backed up, stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright said at a Goldman Sachs conference.

Breitbart News Economics Editor John Carney wrote:

The administration has selectively rolled back sanctions on Venezuela’s oil sector to enable the transport and sale of crude that had been blocked by U.S. enforcement actions. Wright said the U.S. would also import parts, equipment, and services to increase Venezuelan oil flow, with the goal of attracting major American oil companies that previously operated in the country before nationalization under Hugo Chávez.

Venezuela’s oil production has fallen to less than 1 million barrels per day due to years of corruption, underinvestment, and neglect. Wright estimated that output could increase by several hundred thousand barrels daily in the short to medium term, though fully restoring the industry would require an estimated $10 billion per year over the next decade, according to Francisco Monaldi, director of Latin American energy policy at Rice University’s Baker Institute for Public Policy.

“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!,” Trump wrote recently, explaining that the country will provide between 30 to 50 million barrels of oil, valued at $1.5 to $2.5 billion at market prices.