5 things need to happen for Big Oil to return to Venezuela

President Trump envisions US oil companies returning to Venezuela to restore the nation's energy infrastructure and secure its oil supply, but industry experts argue that realizing this goal requires overcoming immense security, political, and fiscal barriers. For companies to commit the estimated $10 billion annually required for restoration, they need ironclad security guarantees against local instability and rampant theft, as well as confidence that future governments in both countries will honor long-term contracts. 

Ryan Kellogg, Deputy Dean of the University of Chicago’s Harris School of Public Policy, comments on the guarantees oil companies need to feel secure in the wake of the recent U.S.-Venezuela actions: 

The word of this administration is nowhere near enough. This takes a very strong political consensus, and we’re very far from that.

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