Trump’s Venezuela Oil Plan Faces Major Hurdles

President Donald Trump’s plan to take control of Venezuela’s oil industry and ask American companies to revitalize it after capturing that country’s president in a military raid isn’t likely to have a significant immediate impact on oil prices. Venezuela’s oil industry is in disrepair after years of neglect and international sanctions, so it will likely take years and major investments before production can increase dramatically. Phil Flynn, who is senior market analyst at the Price Futures Group, said if Venezuela can become an oil powerhouse, that could cement lower prices. But American oil companies will want a stable regime in the country before they are willing to invest heavily, and the political picture remained uncertain Saturday.