More fake news from the White House, this time on oil [letter]

Many Americans may have heard President Donald Trump recently say that we have taken control of more than 65 billion barrels of proven oil reserves in Venezuela and that Americans would be enjoying lower gas prices in the near future. As with many of Trump's statements, this was pure nonsense. Venezuela is still a sovereign nation and the United States does not control its oil. Instead, the Trump administration is developing a joint venture agreement with Venezuela interests and private U.S. producers to provide improvements in that country's oil producing infrastructure in a limited number of oil fields. Because of political unrest, poor management, sanctions and years of limited investment, the Venezuelan oil industry infrastructure is a mess. Venezuela currently produces about 1.1 million to 1.25 million barrels a day, far less than the more than 3 million barrels a day it produced at its peak. To significantly increase output, it is estimated that it will take many, many billions in investment in Venezuela over the next decade. Chevron has been the only U.S. company making investments in Venezuela. Without financial guarantees that protect investments and a more stable political environment, other American producers probably won't be lining up to make large infrastructure investments in that country. Because he surrounds himself with sycophants who don't tell him the hard truths, Trump continues to be the least informed U.S. president in many years and this situation probably won't improve in the next two years. So be careful about believing the information coming from our president about Venezuela or anything else. Remember that this is the guy who told you that he would lower your cost of living on 'Day 1' and then imposed massive tariffs and started a war with Iran. How's that going? Charles Painter West Lampeter TownshipSuccess! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request.