Why America's Biggest Oil Companies Are Walking Away From Venezuela

When President Donald Trump promises Ukraine a license to manufacture Patriot missile systems, it comes as little surprise when Boeing declines. The same logic applies to ExxonMobil, Chevron and other energy giants that refuse to invest in Venezuela's vast oil reserves. According to The Wall Street Journal, negotiations remain on hold because compensation claims stemming from past expropriations remain unresolved, while Venezuela continues to offer one of the world's most unpredictable investment environments. One might assume that, following the removal of Nicolás Maduro and the political transition in Caracas, Washington now exercises direct influence over the country's economic policy. Major corporations see the situation differently. The United States requires revenue from Venezuelan oil exports to flow into accounts controlled by U.S. authorities, with access to those funds postponed until a fully representative government emerges after future elections.