Washington, Jan 10 (IANS) President Donald Trump said his administration’s plan to revive Venezuela’s oil production would help reduce energy costs in the United States while reinforcing American energy dominance.

Speaking to oil and gas executives at the White House on Friday, Trump said Venezuelan crude would complement record US production and strengthen supply.

“One of the things the United States gets out of this will be even lower energy prices,” Trump said.

He cited recent gasoline prices ranging from $1.92 to $1.99 per gallon, compared with prices above $4 in previous years.

Trump said US refineries were well positioned to process Venezuelan heavy crude.

“We have the refining capacity,” he said. “It was actually based very much on the Venezuelan oil.”

Energy Secretary Chris Wright said US oil and gas production had reached record levels.

“We are at record production of oil in the United States, record production in natural gas in the United States,” Wright said.

Wright said earlier sanctions had failed to stop Venezuelan oil from reaching global markets while depriving the Venezuelan people of benefits.

“That oil just floated out,” he said.

Trump said American oil companies would invest at least $100 billion to rebuild Venezuela’s infrastructure, creating jobs and ensuring stable returns.

“They’re going to make a lot of money. They’re going to get their money back,” Trump said.

Vice President J.D. Vance said the initiative would also reduce drug trafficking and improve national security.

“It’s going to make our country richer. It’s going to make our country more powerful,” Vance said.

Trump said economic gains would benefit American workers and consumers.

“This leads to lower taxes and a lot of jobs for Americans,” he said.

Energy prices in the United States are closely tied to global crude supply, and Venezuela was once a major supplier to US refineries before sanctions curtailed imports.

--IANS

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