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If one were to go looking for a Permian Basin of wind — a wind energy superregion waiting to be born — the actual Permian Basin wouldn’t be a bad place to start.
Wind potential is everywhere in the U.S., off the coasts and in the Mountain West especially, and the Inflation Reduction Act is expected to catalyze 127 gigawatts of onshore wind by 2030, some of which has already been built. It’s Texas, however, that produces more wind power than any other state in the country. And while neighboring New Mexico has fewer turbines, it was one of the country’s leading installers of utility-scale wind in 2021; last month, Pattern Energy announced it had closed financing on SunZia, a long-awaited 3.5 GW wind farm about three hours northwest of the Permian Basin’s New Mexico portion. Once it’s completed, the project will make the state a national leader in installed capacity.
Texas and New Mexico have, respectively, the most and third-most potential wind capacity in the country. While the bulk of jobs created by wind farms come during their construction, turbines still require long-term maintenance and operation — “Jiffy Lube 300 feet in the air,” Andy Swapp, a faculty member at Mesalands Community College’s Wind Energy Technology program in Tucumcarie, New Mexico, called it. According to data from Revelio Labs, a workforce tracking company, more than 20% of wind jobs created in the past year were in Texas.
There’s no comprehensive estimate of how many wind technicians will be necessary to serve America’s wind farms by 2030, but we can make some educated guesses. In 2022, 11,200 Americans worked as wind technicians, with just under half of them in Texas, according to the Bureau of Labor Statistics, servicing a total of 144 GW of capacity (including a negligible amount of offshore wind) — about 0.08 jobs per megawatt. (Other estimates range from 0.1-10.8 permanent jobs per megawatt.)
By that math, just for the buildout of onshore wind spurred by the IRA — and leaving aside the 30 GW of offshore wind that the Biden administration has pledged to build by 2030 — the U.S. will need nearly 10,000 new wind technicians, a fair chunk of whom will be living, spending, and paying taxes in New Mexico and Texas.
Regardless of how the actual numbers shake out (many technicians travel between sites, almost everyone who I spoke with for this story told me), they raise a thorny question: How can the nascent wind industry nearly double the size of its workforce in a matter of years — especially where the industry is already strong?
In and around the Permian Basin, onshore wind is primed for a breakout. SunZia’s turbines will sit about 200 miles away from New Mexico’s Lea and Eddy counties, which account for 29% of the Permian Basin’s oil production. Slightly northwest of Lea is the Oso Grande Project, with 247 MW of wind power; Sweetwater, Texas, is surrounded by wind projects ranging from around 40 to 420 MW. The Permian Basin itself has plentiful wind — more than 2 GW — but there is broad agreement that much more of the area is ripe for wind projects.
All of these wind farms, of course, will need technicians, along with managers and operations and maintenance personnel. Pattern, a spokesperson told me, will “prioritize local vendors, suppliers and workforce,” and is building out its own GWO — short for Global Wind Organisation training, which has become an industry standard certification for working at heights — with training partners for SunZia, which promises more than 100 full-time jobs.
To work as an entry-level wind technician, the company asks for a one-year college or technical school certificate, or else a similar amount of experience in wind-power or other related training programs, or some combination of the two. Other employers in the area make similar asks, though a handful require just a high school diploma.
When more wind farms arrive, locals in West Texas looking for local training programs will have a handful of options, including a course at Texas Tech, a paid training institution, and a few community colleges with wind training, four of which are west of San Antonio.
As of summer 2023, roughly 200 students were enrolled in Texas State Technical College programs, Jones told me, and around 75% of them are on some form of financial aid to cover the $13,000 tuition for the 20-month course. Texas’s powerhouse for creating technicians doesn’t always serve its own state, or even the wind industry. Jones’s students don’t always go into wind — some even go into oil and gas — and they don’t always stay in Texas.
Texas Tech’s wind energy program is robust, Suhas Pol, the director of the university’s renewable energy programs, told me, but it’s primarily aimed at sending students into project management, development and engineering. As of this year, he estimated around 100 students are majoring in renewables, but he thinks awareness on campus is low. Pol and his fellow administrators have conjectured that “many folks are not aware that there is such a program available,” he said.
By next academic year, the university is planning to launch a course that offers additional qualifications for students who want to expand on their associates’ degrees, Pol added. Still, he thinks the field as a whole suffers from a lack of faculty to teach students — because so few people enter the industry, not enough can teach others how to join.
Adrian Cadena’s career path is pretty typical of wind technicians in the U.S., at least according to the BLS. Cadena, a former paramedic in San Antonio, was exhausted by the COVID-19 pandemic. While on a road trip in Texas, he wound up pulling over and walking into the middle of a wind farm, where he took out a cell phone and called his wife. “I said, ‘I think I’m done with medicine,’” Cadena told me. “My wife said, ‘I think you’ve lost your mind.’”
While working at a local hospital, Cadena completed a wind training program at a community college. At a clean energy career fair, he landed a job in safety at a small firm based near Houston. That firm paid for his GWOs. Soon after, an opportunity came up at Vestas Wind Systems — one of the industry’s giants — to work as a traveling safety contractor. Then last summer, the call came from another contractor to serve as a project manager on the safety side for Vineyard Wind, one of the country’s first large-scale offshore wind farms, which began delivering electricity just this week.
The federal government is also considering laying its own paths, as evidenced by the launch of the American Climate Corps in September; its first cohort could start as soon as this summer. Other roads leading to wind farms can pass through union-based apprenticeships, although those generally create “well-rounded electricians,” not necessarily wind specialists, according to Bo Delp, executive director of the Texas Climate Jobs Project.
Still, people who understand electronics are in high demand. Many job openings on Indeed across Texas this summer noted that a certification or degree in wind energy is preferred, while experience with mechanics and electronics is typically required, even for entry-level positions. George Jackiewicz, a safety coordinator currently based in Long Island who has worked around the country, told me that “if you’ve got common sense, some mechanical skills, a little bit of electrical, you can get in with zero experience.”
Companies, he explained, will train their own workers, including through their own apprenticeships. In conjunction with Vestas, Sky Climber Renewables runs TOP Technicians. The program finishes out three weeks of training with an assignment at a Vestas wind project. As Jones said, in earlier times “you just came in off the street, they gave you an electrical test and an aptitude test. If you could pass both of those, they could find a place for you. Now there’s more to it.”
In New Mexico, three institutions teach future wind technicians, but only Mesalands has a dedicated wind program and turbine, graduating roughly 20 students each semester, Andy Swapp told me. Unlike TSTC, Mesalands doesn’t give students their GWO certifications, though climbing towers is part of the curriculum.
While TSTC’s Jones doesn’t have much of a recruiting operation, Swapp runs a full-court press, including online ads and trips to high schools for “kid wind” competitions to design turbines, on top of word-of-mouth recruiting from previous students.
“The hardest part of this job is filling the classroom,” Swapp said. “I think if we could fill our classroom every semester, we could meet the need.”
In Lea County, 180 miles away from Mesalands, wind training is scarce, said Jennifer Grassham, president and CEO of the local economic development corporation. She thinks it has to do with demand — too few projects nearby to spur the need for trained technicians.
Meanwhile, a well-coordinated economic engine brings people into oil and gas in Hobbs, the county’s largest city, with 5,808 residents employed in the industry. New recruits can easily find training through company-sponsored programs (the industry norm, according to Grassham); New Mexico Junior College, located conveniently in town; or even the city’s technical high school, which offers “very specific oil and gas training,” Grassham explained.
Individuals interested in entering the field can also easily get a certification ahead of time. One method is to take an online course for around $600 from the University of Texas’s Petroleum Extension, which includes about a week’s worth of work.
“To get a job on a rig is fairly easy,” John Scannell, PETEX’s operations manager, said. “The companies that hire for those jobs, they don’t expect a lot of existing knowledge, so I know a lot of the drilling companies will hire people if they just take our basic overview of working on a rig.”
Lea County’s economic development council is thinking about wind and solar development, Grassham noted, but conversations about the workforce haven’t begun. If more wind farms like SunZia pop up offering hundreds of jobs, that might spur those conversations. “I think we still respond to supply and demand,” she said. “If there was a density around the demand for wind-related job training, the junior college would stand up a wind program almost overnight.”
Even when the demand arrives, workers may still face challenges. Some wind industry workers I spoke to for this story told me they struggled to secure raises, even with years of training and experience. “We really have to take a step back and think about how this transition is going to happen in a way that produces a more resilient economy,” Delp said. “If we build this transition on the backs of workers, we are going to be dealing with the political and economic consequences of that for decades.”
But presuming the industry can train enough people and keep them happy, every person I spoke to emphasized the same thing: Wind jobs are good jobs, especially if working at heights is a thrill and not a deterrent.
Jackiewicz — skeptical that the labor force as a whole will meet the moment at the pace required — is still a booster. “This is the only place I know that where someone without a high school education can earn six digits a year,” he said. “People I meet, I encourage them — ‘hey if you’ve got common sense, you can make a lot of money.’ I would recommend it as long as it’s here. Clean money, dirty hands.”
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Deep Fission says that building small reactors underground is both safer and cheaper. Others have their doubts.
In 1981, two years after the accident at Three Mile Island sent fears over the potential risks of atomic energy skyrocketing, Westinghouse looked into what it would take to build a reactor 2,100 feet underground, insulating its radioactive material in an envelope of dirt. The United States’ leading reactor developer wasn’t responsible for the plant that partially melted down in Pennsylvania, but the company was grappling with new regulations that came as a result of the incident. The concept went nowhere.
More than a decade later, the esteemed nuclear physicist Edward Teller resurfaced the idea in a 1995 paper that once again attracted little actual interest from the industry — that is, until 2006, when Lowell Wood, a physicist at the Lawrence Livermore National Laboratory, proposed building an underground reactor to Bill Gates, who considered but ultimately abandoned the design at his nuclear startup, TerraPower.
Now, at last, one company is working to make buried reactors a reality.
Deep Fission proposes digging boreholes 30 inches in diameter and about a mile deep to house each of its 15-megawatt reactors. And it’s making progress. In August, the Department of Energy selected Deep Fission as one of the 10 companies enrolled in the agency’s new reactor pilot program, meant to help next-generation startups split their first atoms by July. In September, the company announced a $30 million reverse merger deal with a blank check firm to make its stock market debut on the lesser-known exchange OTCQB. Last month, Deep Fission chose an industrial park in a rural stretch of southeastern Kansas as the site of its first power plant.
Based in Berkeley, California, the one-time hub of the West Coast’s fading anti-nuclear movement, the company says its design is meant to save money on above-ground infrastructure by letting geology do the work to add “layers of natural containment” to “enhance safety.” By eliminating much of that expensive concrete and steel dome that encases the reactor on the surface, the startup estimates “that our approach removes up to 80% of the construction cost, one of the biggest barriers for nuclear, and enables operation within six months of breaking ground.”
“The primary benefit of placing a reactor a mile deep is cost and speed,” Chloe Frader, Deep Fission’s vice president of strategic affairs, told me. “By using the natural pressure and containment of the Earth, we eliminate the need for the massive, above-ground structures that make traditional nuclear expensive and slow to build.”
“Nuclear power is already the safest energy source in the world. Period,” she said. “Our underground design doesn’t exist because nuclear is unsafe, it exists because we can make something that is already extremely safe even safer, simpler, and more affordable.”
But gaining government recognition, going public, and picking a location for a first power plant may prove the easy part. Convincing others in the industry that its concept is a radical plan to cut construction costs rather than allay the public’s often-outsize fear of a meltdown has turned out to be difficult, to say nothing of what actually building its reactors will entail.
Despite the company’s recent progress, I struggled to find anyone who didn’t have a financial stake in Deep Fission willing to make the case for its buried reactors.
Deep Fission is “solving a problem that doesn't actually exist,” Seth Grae, the chief executive of the nuclear fuel company Lightbridge, told me. In the nearly seven decades since fission started producing commercial electrons on the U.S. grid, no confirmed death has ever come from radiation at a nuclear power station.
“You’re trying to solve a political problem that has literally never hurt anyone in the entire history of our country since this industry started,” he said. “You’re also making your reactors more expensive. In nuclear, as in a lot of other projects, when you build tall or dig deep or lift big and heavy, those steps make the projects much more expensive.”
Frader told me that subterranean rock structures would serve “as natural containment, which also enhances safety.” That’s true to some extent. Making use of existing formations “could simplify surface infrastructure and streamline construction,” Leslie Dewan, a nuclear engineer who previously led a next-generation small modular reactor startup, told IEEE Spectrum.
If everything pans out, that could justify Deep Fission’s estimate that its levelized cost of electricity — not the most dependable metric, but one frequently used by solar and wind advocates — would be between $50 and $70 per megawatt-hour, lower than other SMR developers’ projections. But that’s only if a lot of things go right.
“A design that relies on the surrounding geology for safety and containment needs to demonstrate a deep understanding of subsurface behavior, including the stability of the rock formations, groundwater movement, heat transfer, and long-term site stability,” Dewan said. “There are also operational considerations around monitoring, access, and decommissioning. But none of these are necessarily showstoppers: They’re all areas that can be addressed through rigorous engineering and thoughtful planning.”
As anyone in the geothermal industry can tell you, digging a borehole costs a lot of money. Drilling equipment comes at a high price. Underground geology complicates a route going down one mile straight. And not every hole that’s started ends up panning out, meaning the process must be repeated over and over again.
For Deep Fission, drilling lots of holes is part of the process. Given the size of its reactor, to reach a gigawatt — the output of one of Westinghouse’s flagship AP1000s, the only new type of commercial reactor successfully built from scratch in the U.S. this century — Deep Fission would need to build 67 of its own microreactors. That’s a lot of digging, considering that the diameters of the company’s boreholes are on average nearly three times wider than those drilled for harvesting natural gas or geothermal.
The company isn’t just distinguished by its unique approach. Deep Fission has a sister company, Deep Isolation, that proposes burying spent nuclear fuel in boreholes. In April, the two startups officially partnered in a deal that “enables Deep Fission to offer an end-to-end solution that includes both energy generation and long-term waste management.”
In theory, that combination could offer the company a greater social license among environmental skeptics who take issue with the waste generated from a nuclear plant.
In 1982, Congress passed a landmark law making the federal government responsible for the disposal of all spent fuel and high-level radioactive waste in the country. The plan centered on building a giant repository to permanently entomb the material where it could remain undisturbed for thousands of years. The law designated Yucca Mountain, a rural site in southwestern Nevada near the California border, as the exclusive location for the debut repository.
Construction took years to start. After initial work got underway during the Bush administration, Obama took office and promptly slashed all funding for the effort, which was opposed by then-Senate Majority Leader Harry Reid of Nevada; the nonpartisan Government Accountability Office clocked the move as a purely political decision. Regardless of the motivation, the cancellation threw the U.S. waste disposal strategy into limbo because the law requires the federal government to complete Yucca Mountain before moving on to other potential storage sites. Until that law changes, the U.S. effort to find a permanent solution to nuclear waste remains in limbo, with virtually all the spent fuel accumulated over the years kept in intermediate storage vessels on site at power plants.
Finland finished work on the world’s first such repository in 2024. Sweden and Canada are considering similar facilities. But in the U.S., the industry is moving beyond seeing its spent fuel as waste, as more companies look to start up a recycling industry akin to those in Russia, Japan, and France to reprocess old uranium into new pellets for new reactors. President Donald Trump has backed the effort. The energy still stored in nuclear waste just in this country is sufficient to power the U.S. for more than a century.
Even if Americans want an answer to the nuclear waste problem, there isn’t much evidence to suggest they want to see the material stored near their homes. New Mexico, for example, passed a law barring construction of an intermediate storage site in 2023. Texas attempted to do the same, but the Supreme Court found the state’s legislation to be in violation of the federal jurisdiction over waste.
While Deep Fission’s reactors would be “so far removed from the biosphere” that the company seems to think the NRC will just “hand out licenses and the public won’t worry,” said Nick Touran, a veteran engineer whose consultancy, What Is Nuclear, catalogs reactor designs and documents from the industry’s history, “the assumption that it’ll be easy and cheap to site and license this kind of facility is going to be found to be mistaken,” he told me.
The problem with nuclear power isn’t the technology, Brett Rampal, a nuclear expert at the consultancy Veriten, told me. “Nuclear has not been suffering from a technological issue. The technology works great. People do amazing things with it, from curing cancer to all kinds of almost magical energy production,” he told me. “What we need is business models and deployment models.”
Digging a 30-inch borehole a mile deep would be expensive enough, but Rampal also pointed out that lining those shafts with nuclear-grade steel and equipping them with cables would likely pencil out to a higher price than building an AP1000 — but with one one-hundredth of the power output.
Deep Fission insists that isn’t the case, and that the natural geology “removes the need for complex, costly pressure vessels and large engineered structures” on the surface.
“We still use steel and engineered components where necessary, but the total material requirements are a fraction of those used in a traditional large-scale plant,” Frader said.
Ultimately, burying reactors is about quieting concerns that should be debunked head on, Emmet Penney, a historian of the industry and a senior fellow at the Foundation for American Innovation, a right-leaning think tank that advocates building more reactors in the U.S., told me.
“Investors need to wake up and realize that nuclear is one of the safest power sources on the planet,” Penney said. “Otherwise, goofy companies will continue to snow them with slick slide decks about solving non-issues.”
On energy efficiency rules, Chinese nuclear, and Japan’s first offshore wind
Current conditions: Warm air headed northward up the East Coast is set to collide with cold air headed southward over the Great Lakes and Northeast, bringing snowfall followed by higher temperatures later in the week • A cold front is stirring up a dense fog in northwest India • Unusually frigid Arctic air in Europe is causing temperatures across northwest Africa to plunge to double-digit degrees below seasonal norms, with Algiers at just over 50 degrees Fahrenheit this week.

Oil prices largely fell throughout 2025, capping off December at their lowest level all year. Spot market prices for Brent crude, the leading global benchmark for oil, dropped to $63 per barrel last month. The reason, according to the latest analysis of the full year by the Energy Information Administration, is oversupply in the market. China’s push to fill its storage tanks kept prices from declining further. Israel’s June 13 strikes on Iran and attacks on oil infrastructure between Russia and Ukraine briefly raised prices throughout the year. But the year-end average price still came in at $69 per barrel, the lowest since 2020, even when adjusted for inflation.

The price drop bodes poorly for reviving Venezuela’s oil industry in the wake of the U.S. raid on Caracas and arrest of the South American country’s President Nicolás Maduro. At such low levels, investments in new infrastructure are difficult to justify. “This is a moment where there’s oversupply,” oil analyst Rory Johnston told my colleague Matthew Zeitlin yesterday. “Prices are down. It’s not the moment that you’re like, I’m going to go on a lark and invest in Venezuela.”
The Energy Department granted a Texas company known for recycling defunct tools from oil and gas drilling an $11.5 million grant to fund an expansion of its existing facility in a rural county between San Antonio and Dallas. The company, Amermin, said the funding will allow it to increase its output of tungsten carbide by 300%, “reducing our reliance on foreign nations like China, which produces 83%” of the world’s supply of the metal used in all kinds of defense, energy, and hardware applications. “Our country cannot afford to rely on our adversaries for the resources that power our energy industry,” Representative August Pfluger, a Texas Republican, said in a statement. “This investment strengthens our district’s role in American energy leadership while providing good paying jobs to Texas families.”
That wasn’t the agency’s only big funding announcement. The Energy Department gave out $2.7 billion in contracts for enriched uranium, with $900 million each to Maryland-based Centrus Energy, the French producer Orano, and the California-headquartered General Matter. “President Trump is catalyzing a resurgence in the nation’s nuclear energy sector to strengthen American security and prosperity,” Secretary of Energy Chris Wright said in a press release. “Today’s awards show that this Administration is committed to restoring a secure domestic nuclear fuel supply chain capable of producing the nuclear fuels needed to power the reactors of today and the advanced reactors of tomorrow.”
Low-income households in the United States pay roughly 30% more for energy per square foot than households who haven’t faced trouble paying for electricity and heat in the past, federal data shows. Part of the problem is that the national efficiency standards for one of the most affordable types of housing in the nation, manufactured homes, haven’t been updated since 1994. Congress finally passed a law in 2007 directing the Department of Energy to raise standards for insulation, and in 2022, the Biden administration proposed new rules to increase insulation and reduce air leaks. But the regulations had yet to take effect when President Donald Trump returned to office last year. Now the House of Representatives is prepared to vote on legislation to nullify the rules outright, preserving the standards set more than three decades ago. The House Committee on Rules is set to vote on advancing the bill as early as Tuesday night, with a full floor vote likely later in the week. “You’re just locking in higher bills for years to come if you give manufacturers this green light to build the homes with minimal insulation,” Mark Kresowik, senior policy director of the American Council for an Energy-Efficient Economy, told me.
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The newest reactor at the Zhangzhou nuclear station in Fujian Province has officially started up commercial operation as China’s buildout of new atomic power infrastructure picks up pace this year. The 1,136-megawatt Hualong One represents China’s leading indigenous reactor design. Where once Beijing preferred the top U.S. technology for large-scale reactors, the Westinghouse AP1000, the Hualong One’s entirely domestic supply chain and design that borrows from the American standard has made China’s own model the new leader.
In a sign of just how many reactors China is building — at least 35 underway nationwide, as I noted in yesterday’s newsletter — the country started construction on two more the same week the latest Hualong One came online. World Nuclear News reported that first concrete has been poured for a pair of CAP1000 reactors, the official Chinese version of the Westinghouse AP1000, at two separate plants in southern China.
Back in October, when Japan elected Sanae Takaichi as its first female prime minister, I told you about how the arch-conservative leader of the Liberal Democratic Party planned to refocus the country’s energy plans on reviving the nuclear industry. But don’t count out offshore wind. Unlike Europe’s North Sea or the American East Coast, the sharp continental drop in Japan’s ocean makes rooting giant turbines to the sea floor impossible along much of its shoreline. But the Goto Floating Wind Farm — employing floating technology under consideration on the U.S. West Coast, too — announced the start of commercial operations this week, pumping nearly 17 megawatts of power onto the Japanese grid. Japanese officials last year raised the country’s goal for installed capacity of offshore wind to 10 gigawatts by 2030 and 45 gigawatts by 2040, Power magazine noted, so the industry still has a long way to go.
Beavers may be the trick to heal nature’s burn scars after a wildfire. A team of scientists at the U.S. Forest Service and Colorado State University are building fake beaver dams in scorched areas to study how wetlands created by the dams impact the restoration of the ecosystem and water quality after a blaze. “It’s kind of a brave new world for us with this type of work,” Tim Fegel, a doctoral candidate at Colorado State, who led the research, said in a press release.
Rob talks about the removal of Venezuela’s Nicolás Maduro with Commodity Context’s Rory Johnston.
Over the weekend, the U.S. military entered Venezuela and captured its president, Nicolás Maduro, and his wife. Maduro will now face drug and gun charges in New York, and some members of the Trump administration have described the operation as a law enforcement mission.
President Donald Trump has taken a different tack. He has justified the operation by asserting that America is going to “take over” Venezuela’s oil reserves, even suggesting that oil companies might foot the bill for the broader occupation and rebuilding effort. Trump officials have told oil companies that the U.S. might not help them recover lost assets unless they fund the American effort now, according to Politico.
Such a move seems openly imperialistic, ill-advised, and unethical — to say the least. But is it even possible? On this week’s episode of Shift Key, Rob talks to Rory Johnston, a Toronto-based oil markets analyst and the founder of Commodity Context. They discuss the current status of the Venezuelan oil industry, what a rebuilding effort would cost, and whether a reopened Venezuelan oil industry could change U.S. energy politics — or even, as some fear, bring about a new age of cheap fossil fuels.
Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University. Jesse is off this week.
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Here is an excerpt from our conversation:
Robinson Meyer: First of all, does Venezuela have the world’s largest hydrocarbon reserves — like, proven hydrocarbon reserves? And number two, let’s say that Trump has made some backdoor deal with the existing regime, that these existing issues are ironed ou to actually use those reserves. What kind of investment are we talking about on that end?
Rory Johnston: The mucky answer to this largest reserve question is, there’s lots of debate. I will say there’s a reasonable claim that at one point Venezuela — Venezuela has a lot of oil. Let’s just say it that way: Venezuela has a lot of oil, particularly the Orinoco Belt, which, again, similar to the oil sands we’re talking about —
Meyer: This is the Orinoco flow. We’re going to call this the Orinoco flow question.
Johnston: Yeah, exactly, that. Similar to the Canadian oil sands, we’re talking about more than a trillion barrels of oil in place, the actual resource in the ground. But then from there you get to this question of what is technically recoverable. Then from there, what is economically recoverable? The explosion in, again, both Venezuelan and Canadian reserve estimates occurred during that massive boom in oil prices in the mid-2000s. And that created the justification for booking those as reserves rather than just resources.
So I think that there is ample — in the same way, like, Russia and the United States don’t actually have super impressive-looking reserves on paper, but they do a lot with them, and I think in actuality that matters a lot more than the amount of technical reserves you have in the ground. Because as we’ve seen, Venezuela hasn’t been able to do much with those reserves.
So in order to, how to actually get that operating, this is where we get back to the — we’re talking tens, hundreds of billions of dollars, and a lot of time. And these companies are not going to do that without seeing a track record of whatever government replaces the current. The current vice president, his acting president — which I should also note, vice president and oil minister, which I think is particularly relevant here — so I think there’s lots that needs to happen. But companies are not going to trip over themselves to expose themselves to this risk. We still don’t know what the future is going to look like for Venezuela.
Mentioned:
The 4 Things Standing Between the U.S. and Venezuela’s Oil
Trump admin sends tough private message to oil companies on Venezuela
Previously on Shift Key: The Trump Policy That Would Be Really Bad for Oil Companies
This episode of Shift Key is sponsored by …
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Music for Shift Key is by Adam Kromelow.