The arrest of Venezuelan dictator Nicolás Maduro will reverberate around the world in ways we have yet to see. You have to love watching the American left protest Maduro's arrest and demand his release, while Venezuelans are literally dancing in the streets of Caracas and other places like Miami. After decades of socialism, Venezuela is in an economic shambles. However, with Maduro's ouster, Venezuelans are now rejoicing at the prospect of the opportunities they will now have to improve their lives. But what steps might be needed to take a nation mired in socialism and return it to prosperity?
Venezuela’s dictators *did* actually steal billions in US investments when they seized and nationalized the oil industry
— Bonchie (@bonchieredstate) January 3, 2026
You can cry about “war for oil,” but we’re getting it back.
On Monday, Fox Business host Charles Payne appeared on "Fox and Friends" and laid out for co-host Ainsley Earhardt what it might take to get Venezuela back on its feet. Payne focused on Venezuela's oil industry, which was decimated by Maduro and his predecessor, Hugo Chávez. He estimated that it would take roughly ten years to get Venezuela's oil industry “where it needs to be.” Payne went on to bounce off President Donald Trump's comments during a recent press conference, where he stated that Venezuela's oil infrastructure could be "making money" as soon as repairs were made, saying that Venezuela had been "stuck" under Chávez and Maduro.
READ MORE: Now This Happened: Venezuela Cuts Oil Output as US Embargo Halts Exports
Payne explained:
The people of Venezuela need this more than anything else. This is a country that’s been stuck. Socialism wrecked this country... Because this – they have all the oil reserves, but they ruined their industry. In fact, it’s gonna [to] take maybe $100 billion, maybe ten years to get it back where it needs to be.
He added:
But, of course, they need to do it. You see a lot of protests anywhere in the world about this because these are some folks who are suffering. On our side of the ledger it’s phenomenal, refine heavy crude that’s what they pump out of Venezuela. Of course, on the narco-terrorism side already seen overdose deaths coming down. I think you will see more of that.
The history of Venezuela and oil production is complex. In 1976, the oil industry was nationalized, and the state-owned company, Petroleos de Venezuela S.A. (PDVSA) was formed. But in 1997, Venezuela opened up the industry to foreign investment after a rise and fall in production between 1970 and 1985. In 1999, Hugo Chávez came to power, and during a general strike in 2002-2003, he fired 19,000 PDVSA employees, replacing them with government loyalists. In 2007, as oil prices rose, the Chávez government wanted changes to previous agreements made by the oil companies that would give PDVSA majority control over various projects. Companies like ExxonMobil and ConocoPhillips refused and had their assets seized.
"America is after the crude oil in Venezuela."
— Harmless (@Harmless12345) January 4, 2026
Because China and Russia are after the palm oil there???
Nonsense.
Venezuela has been under the thumb of socialism for 28 years. It seems like it would take much longer to repair the destruction of decades of socialism, but maybe not. Venezuela was once the most prosperous nation in South America. If a pro-American government returns to power, oil companies, as well as other investors, could pour into the nation. That brings jobs and other infrastructure. But perhaps the biggest bonus, the entire world would get a front row seat to how long or how quickly the recovery would be, and the stark contrast between socialism and capitalism. The other possibility: the communist government of Cuba could be next to fall. They rely heavily on Venezuela for oil, and the sudden scarcity of it could be the final straw. When asked if he was considering any type of action in Cuba, Trump stated on Sunday, "I think it’s just going to fall. I don’t think we need any action. Looks like it’s going down. It’s going down for the count."
How long would it take Cuba to bounce back from almost 70 years of communism? It's an interesting question, one that maybe some big, beautiful oil companies could answer.
U.S. seeks to tap Venezuela's vast oil reserves pic.twitter.com/EwHxhlz8b9
— Ainsley Earhardt (@ainsleyearhardt) January 5, 2026
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