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If Vice President Kamala Harris is elected president in November — as is looking increasingly likely — her term will last until the beginning of 2029. At that point, we’ll have a much better idea whether the planet is on track to hit the 1.5 degrees Celsius climate threshold that some expect it to cross that year; we’ll also know whether the United States is likely to meet the first goal of the Inflation Reduction Act: to reduce national greenhouse gas emissions to half of 2005 levels by 2030.
There is a lot riding on the outcome of the 2024 election, then. But even more to the point, there is a lot riding on how, and how aggressively, Harris extends President Biden’s climate policies. Last week, I spoke to nine different climate policy experts about what’s on their wishlists for a potential Harris-Walz administration and encountered resounding excitement about the opportunities ahead. I also encountered nine different opinions on how, exactly, Harris should capitalize on those opportunities, should she wind up in the White House come January.
That said, the ideas I heard largely coalesced into three main avenues of approach: The first would see Harris use her position to shore up the country’s existing climate policies, doubling down on spending and addressing loopholes in the IRA. A second path would involve aggressively expanding on Biden’s legacy, mainly through major new investments. The final and most ambitious path would involve Harris approaching climate change and the energy transition with an original and bold vision for the years ahead (though your priorities may vary).
The policy proposals that fall under these loosely organized paths aren’t necessarily mutually exclusive, and, as you’ll see, some of the advocate’s proposals fall into multiple categories. But it’s also true that by making everything a priority, nothing is. With that in mind, here are three approaches climate insiders say Harris could take if she wins the White House in November.
Before jumping headlong into expanding the country’s climate policies, the Harris administration could start by shoring up existing legislation — mainly, the loopholes and oversights in the Inflation Reduction Act. “The IRA was the biggest climate investment in history and fundamentally changed the emissions trajectory of the U.S — but the work is not done,” Adrian Deveny, founder of the decarbonization strategy group Climate Vision who previously worked on the IRA as Senate Majority Leader Chuck Schumer’s director of energy and environmental policy, told me.
As things stand, the policies in the IRA alone won’t be enough to meet President Biden’s goal of halving the nation’s greenhouse gas emissions by 2030; to do that, the U.S. would “need to pass another IRA-sized bill,” Deveny said. Until that happens, filling the IRA’s emissions gaps will take a lot of work “in every sector of the economy,” he added.
Lena Moffitt, the executive director of Evergreen Action — which has already released a comprehensive 2025 climate roadmap for a Harris administration — told me that the task of “doubling down on Biden’s climate legacy as a job creator” will run through rebuilding and expanding the grid and revitalizing industry and rural economies, two projects that started in the IRA but remain incomplete. “We’d love to see a day one executive order from the White House outlining a plan to create American jobs and seize the mantle of leadership by building clean energy and clean tech in the United States,” she told me.
Permitting reform is part of that — and could be another piece of yet-unfinished business Harris will need to wrap up. “If that doesn’t get done this year, that is what we have to look to as soon as possible during a future Harris administration,” Harry Godfrey, who leads Advanced Energy United's Federal Investment and Manufacturing Working Group, told me.
That’s not the only regulatory matter still up in the air. Austin Whitman, the CEO of The Climate Change Project, a non-profit that offers climate certification labeling and helps businesses reduce their emissions, told me that the Federal Trade Commission, for example, still hasn’t updated its green guides — “a loose collection of recommendations to companies on how to behave to not violate the FTC Act” — since 2012. “We just need a clear timeline and a sense of direction of where that whole process is going,” Whitman told me. Additionally, he said that the government has a substantial and outstanding role to play in standardizing and streamlining emissions reporting practices for businesses — which, while perhaps not “very sexy,” are necessary to “relieve the administrative burden so companies can focus on decarbonization.”
The last piece: Make sure everything that’s already in place is actually working. “We’re seeing that states and local governments need additional capacity to manage [the IRA] money well,” Jillian Blanchard, the director of Lawyers For Good Government’s climate change program, told me. Harris could help by enacting “more tangible policies like granting federal funding to hire community engagement specialists or liaisons or paying for the time of community leaders to provide local governments with key information on where the communities are that need to be benefited, and what they need.” She also floated the idea of a Community Change Grant extension to help get federal funding to localities more directly.
“One of the criticisms of the Inflation Reduction Act is that it didn’t do ‘X’ — whatever ‘X’ is,” Costa Samaras, the director of the Wilton E. Scott Institute for Energy Innovation at Carnegie Mellon and a former senior White House energy official, told me. “And in reality, it probably did. It just didn’t do it big enough.”
As opposed to those who thought Harris should take a quieter, dare I say conservative approach to advancing the U.S. climate agenda, Samaras told me he wanted to see Harris pump up the volume. The current climate moment requires “attacking the places where we need to immediately make big emissions cuts and big resilience investments. This is the industrial sector, the cultural sector, heavy transportation, as well as making sure that our cities and communities are built for people.”
There are plenty of existing programs that could take some supersizing. Godfrey of Advanced Energy United brought up the home energy rebate programs, arguing that as things stand, those resources are only serving “a fraction of the eligible population.” Blanchard of Lawyers For Good Government also pointed out that the Environmental Protection Agency had almost 300 Climate Pollution Reduction Grant applications totaling more than $30 billion in requests — but only $4.3 billion to hand out. “There are local governments, state governments, tribal nations, and territories hungry for this money to implement clean energy projects,” she said. “There are plans that are ready to go if there are additional federal award dollars in the future.”
Another place Harris could expand on Biden’s legacy would be by reinstating the U.S. as a climate leader on the world stage. “We need to say, ‘climate is back on the table,’” Whitman of The Climate Change Project told me. “It’s a main course, and we’re going to talk about it” — something that would give us “a more credible seat at the negotiating table at the COPs.”
Perhaps most importantly, though, Harris needs to use her term to start looking toward the future. As Deveny of Climate Vision told me, “We designed the IRA to think about meeting our 2030 target. And now we have to think about 2035.” Looking ahead isn’t “just about extending policies,” in other words, but about anticipating new technologies and opportunities that could arise in the next decade — and Harris, if elected, should step up to the challenge.
Some believe Harris shouldn’t limit herself to the framework of the IRA as it exists now — that she needs to dream bigger and better than anything seen under the Biden administration. “The question is: Are we going to just ride the coattails of the IRA as if this problem is mostly solved? Or are we going to put forward a whole new, bold vision of how we can take things on?” Saul Levin, the political director of the Green New Deal Network, wondered to me.
According to Deveny of Climate Vision, that means continuing to build on “our industrial renaissance.”
“We have really awakened a sleeping giant of clean industrial manufacturing in this country to make solar panels, wind turbines, and batteries,” he explained. “We can also lead the world in clean industrial manufacturing for steel, cement, and other heavy industry projects.” Samaras of Carnegie Mellon, too, shared this vision. “By the end of a potential Harris Administration first term, the path to zero emissions should be visible everywhere,” he told me. Also on his wishlist were “abundant energy-efficient and affordable housing, accessible clean mobility infrastructure everywhere, schools and post offices as community clean energy and resilience hubs, and climate-smart agriculture and nature-based solutions across the country,” plus greater investment in adaptation.
“The fact is that both the Bipartisan Infrastructure Law and Inflation Reduction Act are the largest investments in resilience we’ve ever done,” he said. But “we have to think about it the same way we have to think about mitigation,” he went on. “It’s the largest thing we’ve ever done — comma, so far.”
One of the biggest openings for Harris to distinguish herself from Biden, though, would be by taking a tougher tone with big polluters. Biden had shown less of an appetite for going after businesses, several times kicking the can down the road on a decision to what would have been his second term. Harris, by contrast, is well positioned with her background as a prosecutor and already went as far as to call for a “climate pollution fee” and the creation of an independent Office of Climate and Environmental Justice and Accountability during her 2019-2020 campaign.
“We love seeing her already reference from the stump that there is a lot that she can do with Congress or through the executive branch to hold polluters accountable for the toll that they have taken on families and our climate,” Moffitt of Evergreen Action told me. “That could look like a host of things, from repealing subsidies to using the Department of Justice to hold polluters accountable.” Maria Langholz, the senior director of Arc Initiatives, a strategy group that works with climate-related organizations, told me in an email that her team would also like to see the Harris administration revoke the presidential permit for Enbridge’s Line 5 pipeline as high, in addition to developing a public interest determination “that fully addresses the social, environmental, and economic impacts of LNG.”
But Levin, more than anyone else, wanted to see Harris pursue a “moonshot campaign from day one,” he said. “Hoping that tweaking the IRA is an appropriate solution to climate change is totally out of step with mainstream scientific consensus. It’s absolutely ridiculous. At the end of the day, we need to fundamentally transform our economy so that all people can survive climate change.” To have a prayer of meeting the IRA’s climate goals — let alone putting a meaningful dent in America’s contribution to global emissions — the U.S. must “invest trillions of dollars in transforming our transportation system, our building sector, our food and agriculture sector, and every part of the economy so that we can create a livable, sustainable world forever that works for everyone.”
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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.