Brian Lair on WNYC.

Now we turn to the Trump administration's latest moves and interests in the Venezuelan

oil industry.

We'll do that New York-related focus later. Right now, the Trump administration's

latest moves and interest in the Venezuelan oil industry and how it might affect the United

States and Venezuela. As CNBC describes it today, President Donald Trump said interim authorities

in Venezuela will turn over, turn over between

30 million to 50 million barrels of oil to the United States.

They report Trump said that the oil will be sold at market price and the money will be

controlled by me, this is a Trump quote, the money will be controlled by me to ensure it is used to benefit

the people of Venezuela and the United States. Also in his press briefing on Saturday, following

the U.S. strike and the capture of Maduro and his wife, Trump made clear his intentions for

expanding oil extraction. he said this.

We're going to have our very large United States oil companies the biggest anywhere in the

world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country.

So a little background, Venezuela is reported to have the largest crude oil reserves in the world

and was once one of the biggest global oil producers.

A few decades ago, the country produced more than 3 million barrels a day, according to NPR.

Today, Venezuela produces about 1 million barrels a day or roughly 1% of global oil output.

For comparison, the U.S. produces about 13 million barrels a day, 13 times as much as the traditional oil country of Venezuela. But reviving Venezuela's oil

industry after decades of disinvestment would likely take many years and billions of dollars,

as the president said in that clip. Oil prices are down, having fallen more than 20 percent

...