What the Venezuelan attack means for Canadian oil

U.S. President Donald Trump was clear on Saturday when he announced his administration’s plans for the future of Venezuela: “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,” he told the world.

But how feasible is that? How quickly could it happen? And even if U.S. oil companies do return to Venezuela and increase their exports, what will that mean for Canada at a time when our oil industry is trying to diversify its export base?

Jeff Jones writes for The Globe’s Report on Business. He first started reporting on the oil sector in the 1990s. He joins the show to explain the state of Venezuela’s oil sector, what obstacles lie ahead for it and what this all means for Canada’s economic sovereignty.

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