Interview with Energy Secretary Chris Wright on "Face the Nation"

CBS News

Margaret Brennan: Earlier today, President Trump announced the United States now stands ready to defend Venezuela with its military force. This announcement follows a statement from last week asserting U.S. intentions to effectively manage Venezuela. In the meantime, Venezuelan opposition figure Maria Corina Machado is preparing for talks in Washington with President Trump. In a recent engagement, President Trump also met with multiple U.S. oil firm leaders, asking for a substantial investment of $100 billion to enhance oil output. We are now joined by Chris Wright, the U.S. Secretary of Energy. Welcome, Chris.

Secretary Chris Wright: Thank you for inviting me, Margaret.

Margaret Brennan: Before delving into the situation in Venezuela, let's touch upon the protests occurring in Iran. How is the U.S. responding to this oil-reliant nation's turmoil, especially given President Trump's military briefings?

Secretary Chris Wright: President Trump is an advocate for freedom, legality, economic prosperity, and nurturing ties with the U.S. regarding Iran. It's evident his moral backing is significant. His strong stance has crippled the nuclear ambitions of Iran's leaders, sparking the populace's confidence in American support. While details are scarce, we extend our best wishes toward a resurrected democracy and liberty in Iran.

Margaret Brennan: What about actions concerning ships laden with Iranian oil? Are we expecting more such interdictions?

Secretary Chris Wright: At this point, I can't divulge any strategy alterations.

Margaret Brennan: Let's shift back to Venezuela, where you have been heavily involved in shaping the President's strategy.

Secretary Chris Wright: Certainly.

Margaret Brennan: With the President asserting U.S. military might as Venezuela's shield, are American enterprises receiving military assurances?

Secretary Chris Wright: We're not offering such assurances yet. Instead, we are altering Venezuela's current circumstances by controlling oil sale revenues, hence altering financial inflow. Our aim is to instigate a rapid ground shift for the better in Venezuela within this ongoing process.

Margaret Brennan: The quick implementation is notable. Just last Friday, the White House hosted oil executives. Furthermore, a State Department alert mentioned risks to Americans in Venezuela, including armed groups obstructing roads. Is Diosdado Cabello, Minister of the Interior, involved in targeting Americans?

Secretary Chris Wright: We lack confirmation, but caution is advised. As interim leadership solidifies, the unruly 'Collectivos' remain active. Control them efficiently is paramount, but immediate change is unlikely.

Margaret Brennan: Given Cabello's control, is his position secure? Is collaboration feasible?

Secretary Chris Wright: Partnership with current power figures is necessary to transition toward representative governance. Stabilization prevents a national collapse, a process critical to progress.

Margaret Brennan: Is there a concern he'll act against President Delcy Rodriguez's business-friendly leadership?

Secretary Chris Wright: Such concerns are valid as stability is crucial in leadership aligning with our strategic goals.

Margaret Brennan: Is the plan to eventually lead the state oil entity, PDVSA? Will Americans assume board positions?

Secretary Chris Wright: Initially, mitigating harms like arms flow, crime, immigrant crisis, and drug trade in the Western Hemisphere is paramount. Our involvement proceeds cautiously, aiming to revive Venezuela’s declining oil sector, consequently enhancing regional stability.

Margaret Brennan: Will the U.S. oversee this enterprise as one would administer a state entity?

Secretary Chris Wright: Currently, we oversee crude marketing, directing sales through U.S. entities, channeling revenue into socio-economic improvements. In the future, American firms will likely be more deeply engaged, though specifics will naturally evolve.

Margaret Brennan: There's concern around Citgo Petroleum's ownership, linked to a hedge fund led by Trump donor Paul Singer. Is maintaining Venezuelan ownership preferable, or is American investment more beneficial?

Secretary Chris Wright: This transition reflects fair compensation for U.S. creditors. The broad inclusion of American stakeholders and business-minded entrepreneurs advancing these refinery assets domestically is encouraging.

Margaret Brennan: Is there a risk of corruption, especially with allegations of Trump donors being favored?

Secretary Chris Wright: No preferential treatment occurs. President Trump's energy strategies have lowered oil costs while encouraging open market dynamics.

Margaret Brennan: The oil market oversupply seemingly complicates profitability for American energy firms.

Secretary Chris Wright: Precisely. His policy doesn't promote oil firm profits. The administration's transparency refutes claims of corruption.

Margaret Brennan: How will contracts be awarded, particularly about Citgo's control?

Secretary Chris Wright: An open auction process determines ownership, with auctioned assets for creditor settlements and enhanced domestic capacity paving the way for lower gasoline costs.

Margaret Brennan: Secretary Rubio emphasized a strategy – stabilize, rehabilitate, then transition. However, some executives predict significant timeline for oil output increases. How prolonged is U.S. presence predicted to be?

Secretary Chris Wright: Chevron’s historical involvement symbolizes long-term engagement. Transition toward a legitimate governing framework defines our timeline, albeit unclear just yet.

Margaret Brennan: And do we have a more concrete timeline?

Secretary Chris Wright: Change initiated by President Trump's creative intervention requires months, maybe years, to manifest substantial benefits after decades of regression. Let’s keep realistic expectations on progress.

Margaret Brennan: Thank you, Secretary Wright, for your insights today.