FACT CHECK: Trump’s Actions in Venezuela Will Not Lower Energy Costs At Home

WASHINGTON, DC – Trump has claimed that new access to Venezuelan oil will lower prices, but experts agree that his actions are unlikely to reduce energy costs at home anytime soon. Energy costs are skyrocketing, with household electricity bills up 13% since Trump took office. Now, Trump is spending taxpayer dollars in pursuit of expensive foreign oil that will benefit nobody but his billionaire donors, while taking a sledgehammer to the homegrown clean energy industry, which would actually lower energy costs for Americans. 

FACT: Analysts expect it will take a decade to restore oil production in Venezuela.  

FACT: Multiple analysts said it would take tens of billions of dollars in investment to restore Venezuela’s oil capacity. 

FACT: GasBuddy analyst Patrick De Haan said that even if Venezuela were to produce significantly more oil, “the impact on U.S. gasoline prices may ultimately be limited.”

FACT: Americans have seen their electricity prices increase by 13% under Trump, all while he’s gutted the addition of critical clean energy supply that would actually lower costs and can be brought online faster than new oil production.

FACT: The president of the Minneapolis Federal Reserve stated that the primary risk to the U.S. economy from the Trump administration’s actions in Venezuela would be rising oil prices. Instability could lead to short-term supply disruptions, resulting in higher prices.

FACT: Oil companies would require stable leadership in the country before they are willing to invest, as there would be uncertainty regarding safety and how companies would be paid. 

FACT: Petroleum plays a very minor role in producing power in the U.S., accounting for 0.4% of electricity generation in 2024.

FACT: Natural gas accounted for more than 40% of U.S. electricity generation in 2024, but Venezuela lacked adequate gas infrastructure and had no facilities capable of liquefying gas for export. 

FACT: None of the gas pipelines operating in Venezuela even extend beyond the country’s borders.