Trump’s Venezuela Oil Plan, Trump: Cap Credit Card Rates, More
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News when you want it with Bloomberg News Now. I'm Ed Kalecki. Major U.S. oil executives expressed caution to President Trump about re-entering Venezuela, even as the president pressured their companies to spend at least $100 billion to revive the country's production. Trump convened nearly 20 industry representatives in the East Room of the White House Friday and predicted they could come to an agreement today or very shortly thereafter to restart operations in the oil-rich Latin American country following the brazen capture of President Nicolas Maduro.
What is Trump's Venezuela oil plan and its implications?
our giant oil companies will be spending at least $100 billion of their money, not the government's money. They don't need government money, but they need government protection and need government security that when they spend all this money, it's going to be there. So they get their money back and make a very nice return. The plan is for them to spend at least $100 billion to rebuild the capacity and the infrastructure necessary.
U.S. Energy Secretary Chris Wright was part of President Trump's meeting at the White House with major oil executives. Wright did not give details on any potential deals, but says Chevron's already on the ground there.
They're going to ramp up investments, I mean, immediately in the next few weeks.
How are U.S. oil executives responding to Trump's proposal?
So yeah, can we achieve $100 billion investment over the next 10 years? I think absolutely. But we're one week in right now. So with President Trump's leadership, I think we've had a tremendous week of progress, transformation in Venezuela, and excited to see what comes in the weeks and months ahead.
Wright also addressed security guarantees for these oil companies. He says it's still too early to tell what security will look like, but insists U.S. troops are not part of the plan.
President Trump, of course, never rules out options, but that is definitely not in the plans. That is not the plan. The plan is to use the military power that's manning the blockade of the oil so we can stop the criminals and stop our adversaries from taking oil out of Venezuela and have a more orderly, safe process from what's going on.
Energy Secretary Chris Wright on Bloomberg's balance of power. President Trump says 30 million barrels of Venezuelan oil is already on its way to the U.S., worth about $4 billion. President Trump on Friday called for a one-year cap on credit card interest rates at 10%, effective January 20th, without specifying details. He wrote on social media, "...please be informed that we will no longer let the American public be ripped off by credit card companies." that are charging interest rates of 20 to 30 percent and even more which festered unimpeded during the sleepy joe biden administration and then he wrote in all caps affordability it's not clear whether credit card companies will respond to his call or what actions he might take to force any change a federal judge ruled friday that president trump's administration cannot block federal money for child care subsidies and other programs aimed at supporting needy children and their families from flowing to five democratic-led cities for now
The states of California, Colorado, Illinois, Minnesota, and New York argued that a policy announced Tuesday to freeze funds for three grant programs is having an immediate impact on them and creating operational chaos. In court filings and a hearing earlier Friday, the states contended that the government did not have a legal reason for holding back the money from them. A winning week for the U.S. stock market with new highs for the S&P 500 index, the Dow Jones Industrial Average, and the Russell 2000 index. We get more on this from Bloomberg's Charlie Pellett.
Stocks wrapped up the first full trading week of the new year with a 1.6% advance for the S&P 500 index. It is the third weekly gain in four weeks. Small cap shares also advanced with the Russell 2000 index climbing to a record as the rally broadened beyond just big tech names. The jobs report reinforced Wall Street's bets that the Fed will leave rates on hold for the near term.
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