Tapping into Venezuela’s oil reserves has been floated as a promise by the Trump administration. But what is the United States’ history with Venezuelan oil — and are American oil companies truly ready to invest in rebuilding the country’s struggling oil infrastructure?Let’s Get the Facts. Venezuela’s Oil Reserves: The Biggest in the WorldVenezuela holds the largest crude oil reserves in the world, estimated at about 303 billion barrels, according to the U.S. Energy Information Administration. By comparison, the United States holds roughly 74 billion barrels, placing it far below Venezuela in terms of total reserves. According to data analyzed by Hearst Television’s Get the Facts Data Team, the United States purchases most of its imported oil from Canada. China, meanwhile, is the largest buyer of Venezuelan oil.Explore the interactive tools at the link below for a deeper look at Venezuela’s oil reserve. A Look at U.S.–Venezuela Oil Trade HistoryThe U.S. has imported oil from Venezuela in the past, with imports peaking in 1997. Since then, purchases steadily declined, with a sharp drop in 2019 following U.S. sanctions on Venezuela’s state-owned oil company, PDVSA. Those sanctions were partially eased several years later.Are U.S. Oil Companies Ready to Invest?President Donald Trump has suggested that U.S. oil companies are prepared to invest in rebuilding Venezuela’s oil infrastructure. However, experts say the reality is less certain than it sounds.According to our partners at PolitiFact, U.S. oil companies are closely monitoring developments, but there are significant obstacles. If the market were open exclusively to U.S. companies, it could benefit American corporations and potentially help stabilize gas prices. Still, experts caution that gas prices depend heavily on global market forces, not just access to one country’s oil. Energy experts point to several challenges that must be addressed before any major investment surge could happen: high upfront costs to rebuild Venezuela’s oil infrastructure, limited profit potential while global oil prices are low, and political instability within the Venezuelan government after the U.S. captured President Nicolás Maduro. Analysts say U.S. oil companies are likely to proceed cautiously rather than rush in, with these obstacles being major factors. You can read the full analysis from PolitiFact here.