FILE PHOTO: U.S. President Donald Trump gestures as he addresses House Republicans at their annual issues conference retreat, at the Kennedy Center, renamed the Trump-Kennedy Center by the Trump-appointed board of directors, in Washington, D.C., U.S., January 6, 2026. REUTERS/Kevin Lamarque/File Photo
While President Donald Trump desperately tries to lure major oil companies into rebuilding Venezuela's devastated petroleum industry, the giants who could actually do the job are hitting the pause button, according to a new report.
And industry insiders are mocking the president behind his back, predicting companies will string him along to get on his "good side" and never follow through.
Treasury Secretary Scott Bessent admitted Thursday that mega corporations aren't biting, but smaller players are practically camping out on the White House lawn, Politico reported.
“The big oil companies who move slowly, who have corporate boards are not interested. I can tell you that independent oil companies and individuals, wildcatters, [our] phones are ringing off the hook. They want to get to Venezuela yesterday," he told a crowd at the Economic Club of Minnesota.
Trump plans a Friday White House powwow with heavyweights including Exxon Mobil, Chevron, and ConocoPhillips, along with European rivals Shell and Repsol. But six oil company executives and lobbyists told the outlet they're "unsure it would be in their best interests" or even possible to to spend billions in Venezuela.
“The most enthusiastic are among the least prepared and least sophisticated,” said one industry official with knowledge of the general response from the businesses. “Anyone with a degree of international sophistication is taking a more measured approach.”
Some CEOs are already bracing for Trump to force them to make public commitments and statements they don't want to make during the get-together.
Adding fuel to the fire, oil prices hover near five-year lows at $57 a barrel, making massive Venezuelan investments a dubious proposition.
One business lobbyist delivered a blunt assessment that companies may simply promise the White House they're interested in investing in Venezuela merely to stay in Trump’s good graces, with no intention of moving forward. The person described the phenomenon with a mocking acronym: “Everyone Makes Promises And Never Actually Does Anything."
“My impression is it’s EMPANADA all over again,” the person said.