The president of the United States, Donald Trump, sparked controversy on Wednesday after stating that Venezuelans are "dancing in the streets" because a lot of money is coming in due to the boom in oil investments in the South American nation.
"People are very happy. They are dancing in the streets because a lot of money is coming in thanks to the major oil companies that are setting up," said the U.S. president during an event at the White House.
"Last night I was with ExxonMobil and we talked about Venezuela [...] Everyone wants to go there," he added.
Trump's statements sparked controversy on social media and among analysts, who questioned the contrast between the president's optimism and the reality that a large part of the population in Venezuela still faces.
Users and internet users recalled that millions of Venezuelans continue to survive on insufficient wages, deteriorated basic services, and high levels of poverty, describing the phrase about people "dancing in the streets" as "disconnected."
Others pointed out that the potential increase in oil revenues does not guarantee an immediate improvement in the living conditions of most citizens, in a country still marked by massive emigration and a crisis that has accumulated over the years.
Trump revealed that the night before, he had been at the White House with the leaders of the major oil companies in the United States to discuss business opportunities in Venezuela.
Among the companies mentioned were ExxonMobil and Chevron, and the president stated that all are interested in operating in Venezuelan territory.
The statements come four months after the capture of Nicolás Maduro by U.S. forces in January, an event that triggered a radical shift in relations between Washington and Caracas.
Since then, the interim government led by Delcy Rodríguez has promoted regulatory and energy reforms with the support of the Trump administration, which formally recognized that government on March 9, 2026.
The turn of ExxonMobil
The CEO of ExxonMobil, Darren Woods, stated on May 1 during an interview with the network CNBC that the company is evaluating potential investments in Venezuela, describing the country as "an immense resource that is now becoming more freely accessible to the world."
The change in stance is striking: just in January, Woods had labeled Venezuela as "not suitable for investment" during a meeting at the White House with Trump, citing a lack of legal guarantees and a history of expropriations.
ExxonMobil exited Venezuela in 2007 following the nationalizations driven by Hugo Chávez, and its potential return to the country represents one of the most significant moves in the new energy landscape.
Chevron and the new agreements
Chevron, for its part, has tripled its exports of Venezuelan crude oil, going from 100,000 barrels per day in December 2025 to 300,000 in March 2026, and increased its stake in Petroindependencia from 35.8% to 49% on April 15.
Last week, the Rodríguez government signed two new energy agreements with the American companies Overseas Oil Company and Crossover Energy Holding, for an approximate amount of 2 billion dollars, to develop projects in the states of Anzoátegui, Monagas, and Barinas.
Rodríguez explained that the projects include oil and associated gas exploitation, and that "this gas could serve as a boost for the Venezuelan electric system."
Previously, the Trump administration announced a license that allows various entities to advise the Venezuelan government and the state oil company PDVSA on restructuring its debt, in a new step within the process of easing sanctions towards Caracas.
Optimism collides with reality
Despite Washington's triumphalist rhetoric, concerns about oil transparency in Venezuela persist among analysts and industry executives.
Several companies remain wary of the Venezuelan situation and warn that fully recovering production would require structural reforms, political stability, and billions of dollars in investment.
According to estimates cited by Fortune magazine, rebuilding the Venezuelan energy industry could require more than 100 billion dollars and over a decade of work.
The social reality of the country remains critical: poverty reached 86% in 2024 according to the Venezuelan Finance Observatory, more than eight million people have emigrated, and PDVSA has accumulated an estimated external debt of around 60 billion dollars.
The United Nations projects that Venezuela will generate over 22 billion dollars in oil export revenue by 2026, which would exceed the 14.713 billion dollars received in 2025 by more than 50%. This figure fuels Trump's optimism but contrasts sharply with the structural poverty that continues to affect the majority of Venezuelans.
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