US Energy Secretary Chris Wright toured earthquake-damaged buildings in La Guaira on Wednesday with Venezuelan officials, calling the destruction a "heartbreaking sight."
Wright said US involvement in Venezuela was intended to help restore investor confidence, describing it as "the cure for socialism" after decades of economic decline.
"We believe this is the cure for socialism. Socialism, communism arrived here over 25 years ago. It chilled outside investment and sent the economy in a freefall and 8 million refugees fleeing. What we're trying to do is restore confidence as quickly as possible. We saw three large corporate deals signed today. That's fantastic.
But the US partnership with the largest local Venezuelan producer, I think will supercharge confidence. It'll benefit American citizens. It'll benefit American taxpayers. But it also restores confidence in the investment climate in Venezuela,’’ Wright said
His visit followed the signing in Caracas of expansion agreements involving energy firms including Chevron, Eni and GE Vernova, aimed at boosting oil output and investment in Venezuela.