The meeting was supposed to be a victory lap. President Donald Trump, fresh from his military success in Venezuela, gathered the titans of the US oil industry in the Roosevelt Room to offer them the spoils of war: exclusive access to the world’s largest oil reserves. Instead, he got a lesson in corporate risk management.

Multiple sources confirm that the atmosphere was tense. When Trump pitched his $100 billion investment plan, promising "total security" under US military guard, the executives pushed back. ExxonMobil CEO Darren Woods delivered the killer line that has now leaked to every financial paper in the world: "Mr. President, today, Venezuela is uninvestable."

The "Rust" Problem

The reluctance of Big Oil is not political; it is technical. Venezuela’s oil infrastructure has been rotting for a decade.

• Dilapidated Rigs: Industry assessments show that 80% of PDVSA’s drilling rigs are inoperable. Pipelines are rusted through, and the skilled workforce has fled. "You don't just turn a tap," an executive reportedly explained. "You have to rebuild the entire plumbing system. That takes 5 years and $50 billion before you see a drop of oil."
• Legal Quagmire: The executives are wary of "regime change reversal." If Trump loses power or if the Venezuelan resistance sabotages the wells, their investment evaporates. They demanded legal guarantees that even the US President cannot provide—guarantees that would survive his term.
• The Crude Quality: Venezuelan oil is heavy and sour. Refining it requires specific facilities and diluents. With the US shale boom producing light, sweet crude, the economic incentive to process Venezuelan sludge is lower than it was in 2000.

Trump’s Plan B

Faced with rejection from the "Majors," Trump threatened to turn to "Independents"—smaller, wildcat companies willing to take the risk. "I've got 25 people waiting to take your place," he bluffed. But analysts warn that smaller firms lack the capital and expertise to revive Venezuela’s complex fields.

The standoff exposes the limits of "Imperial Presidency." Trump can command the military to take the oil fields, but he cannot command the market to drill them. For now, the prize of Venezuela remains a poisoned chalice.