Business & Economics
U.S. Energy Secretary’s Caracas Mission and License 48 Kick-Start Post-Maduro Oil Reboot
On 11 Feb 2026 Chris Wright became the first U.S. cabinet official to enter Venezuela since Nicolás Maduro’s January capture, hours after Treasury issued General License 48 letting U.S. firms repair the country’s crippled oil infrastructure.
Focusing Facts
- Wright met acting President Delcy Rodríguez at Miraflores Palace on 11 Feb 2026 and publicly vowed to lift Venezuelan crude, gas and power output “dramatically this year.”
- OFAC’s General License 48 (10 Feb 2026) authorises U.S. persons to supply equipment and services for exploration, development and maintenance of Venezuelan oil and gas assets, provided contracts are governed by U.S. law and disputes heard in U.S. courts.
- Venezuela’s National Assembly passed a sweeping oil-law overhaul in January 2026 granting foreign producers operational autonomy and independent arbitration, ending PDVSA’s production monopoly.
Context
Washington last tried something similar when it oversaw Iraq’s oil sector after the 2003 invasion; both moments combined regime removal with promises of quick production rebounds that ultimately took far longer and costlier than projected. Wright’s visit continues a century-long pattern—from the 1914 U.S. occupation of Veracruz to 1951’s Anglo-Iranian oil nationalisation crisis—where great powers intervene to secure hydrocarbon flows under the banner of “stability” and market relief. The current move reflects two structural trends: (1) the U.S. push for ‘energy dominance’—leveraging allied barrels (Guyana, Venezuela, Gulf states) to marginalise Russia and Iran—and (2) the tension between near-term fossil fuel supply politics and the longer-term global pivot toward decarbonisation. Whether this moment matters in 2126 hinges on if Venezuela becomes another briefly boosted petro-state or, like Saudi Arabia after the 1940s ARAMCO deal, embeds itself enduringly in the Western energy system—delaying or redirecting the world’s transition away from oil.
Perspectives
Right leaning media
e.g., Washington Examiner — Portrays Wright’s visit as a bold Trump-led push to revive Venezuelan output, lower U.S. fuel costs and advance regional security. Coverage applauds the administration’s strategy while glossing over fears of resource grab, civilian casualties or environmental damage mentioned elsewhere.
Left leaning media
e.g., The Independent, POLITICO — Frames the initiative as an attempt to exploit Venezuela’s oil, noting corporate reluctance, pollution concerns and accusations that Trump aims to control the country’s resources for U.S. gain. Reporting spotlights worst-case motives and legal risks, potentially under-playing the humanitarian or economic arguments advanced by the White House.
Business-focused trade press
e.g., Intellinews, Devdiscourse — Emphasises the new licences and legal reforms as a commercial opening for international firms, detailing contract terms and the scale of infrastructure work needed. Focus on deal mechanics and investment upside tends to sidestep democratic legitimacy questions and the possibility that sanctions relief could entrench U.S. dominance.