President Donald Trump’s capture of Venezuelan dictator Nicolás Maduro spurred big gains for American oil companies on Monday, with investors apparently embracing the president’s “drill, baby, drill” mantra.
Chevron’s share price jump 5.1% and Marathon Petroleum’s stock surged nearly 6%, while the big winner of the day was Valero with its 9.2% increase; ConocoPhillips and Exxon Mobil both increased more than 2.2% by the time markets closed as well. Chevron is the only U.S. oil company still operating in Venezuela, under a waiver for the heavy sanctions on the country. Chevron’s stock is up 8.5% in the last 5 days.
“The biggest impact on the market can be seen in oil prices,” Fox Business reporter Taylor Riggs said on Monday afternoon about Maduro’s ouster.
Fox Business reporter Edward Lawrence joined her right after and reported Venezuela has the “world’s largest supply of oil reserves.”
The broadcast flashed a graphic showing Venezuela has 303 billion oil barrels in reserve, compared to America’s 395 million. A single oil barrel holds 42 gallons.
The big day for oil companies comes after the president said the U.S. will bring oil companies into Venezuela.
Trump told reporters on Saturday the U.S. would “get the oil flowing the way it should be” because America had “built that whole industry there.”
Aboard Air Force One on Sunday, Trump said the strike against Venezuela was about more than just oil, though. “It’s about peace on earth,” he said.
Trump also lamented other presidents had “lost sight” of how important the Monroe Doctrine is, which calls for U.S. command of the Western Hemisphere.
The president shared his “drill, baby, drill” phrase several times heading into his second term, including using the phrase during his inauguration speech last year. Trump has said energy independence will help drive the cost of goods down and make America more safe.
On Sunday, Fox News contributor Jason Chaffetz — a former Republican representative from Utah — said Trump took a “huge step” toward his goal by removing Maduro.
“That is ‘America First,’” Chaffetz said. “That’s what he was elected to do.”
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