Progressives Say 'No Taxpayer Subsidies' as Big Oil Balks at Trump's Call to Invest in Venezuela

ExxonMobil's CEO told President Donald Trump during a Friday meeting that Venezuela is currently "uninvestible" following the US invasion and kidnapping of President Nicolás Maduro, underscoring fears that American taxpayers will be left footing the bill for the administration's goal of exploiting the South American nation's vast petroleum resources.

Trump had hoped to convince executives from around two dozen oil companies to invest in Venezuela after the president claimed US firms pledged to spend at least $100 billion in the country. However, Trump got a reality check during Friday's White House meeting, as at least one Big Oil CEO balked at committing financial and other resources in an uncertain political, legal, and security environment.

“If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it’s uninvestable,” ExxonMobil CEO Darren Woods told Trump during the meeting. “Significant changes have to be made to those commercial frameworks, the legal system. There has to be durable investment protections, and there has to be a change to the hydrocarbon laws in the country.”

There is also skepticism regarding Trump's promise of "total safety" for investors in Venezuela amid deadly US military aggression and regime change.

However, many of the executives—who stand to make billions of dollars from the invasion—told Trump that they remain eager to eventually reap the rewards of any potential US takeover of Venezuela's vast oil resources.

The oil executives' apparent aversion to immediate investment in Venezuela—and Trump's own admission that the American people might end up reimbursing Big Oil for its efforts—prompted backlash from taxpayer advocates.

"Trump must not give these companies billions in handouts and stick American taxpayers with the bill," Sen. Elizabeth Warren (D-Mass.) said on social media Friday. "And oil execs should commit now: no taxpayer subsidies, no special favors from the White House."

Sam Ratner, policy director at the group Win Without War, said Wednesday that "already today, Trump was saying that US taxpayers should front the money to rebuild Venezuelan oil infrastructure, all while oil companies keep the proceeds from the oil."

"This is not just a war for oil, but a war for oil executives," Ratner added.

Noting that "Big Oil spent nearly $100 million to get Trump elected in 2024," former US Labor Secretary Robert Reich—who served during the Clinton administration—described Friday's meeting as "returning the favor" and "oligarchy in action."

According to an analysis by the advocacy group Climate Power, fossil fuel industry interests spent nearly $450 million during the 2024 election cycle in support of Trump and other Republican candidates and initiatives.

Reich and others also noted that Trump informed oil executives about the Venezuelan invasion even before he notified members of Congress.

"That tells you everything you need to know: It was never about 'narcoterrorism' and always about oil," Rep. Dan Goldman (D-NY) said on Bluesky.

The legal watchdog Democracy Forward this week filed a Freedom of Information Act request demanding information about any possible Trump administration collusion with Big Oil in the lead-up to the Venezuela invasion.

Other observers shot down assertions by Trump and members of his administration that the attack on Venezuela and Maduro's ouster are ultimately about restoring democracy.

"Want to know who’s meeting with Trump this morning about Venezuela’s future?" Rep. Adelita Grijalva (D-Ariz.) asked on X.

"Not pro-democracy leaders," she said. "Oil and gas executives."