President Donald Trump has dramatically altered the geopolitical landscape of global oil markets with his bold reassertion of the Monroe Doctrine in Venezuela. The capture of Nicolás Maduro, Venezuela’s longtime dictator, has sent an unmistakable signal to the world: the United States is once again the dominant power in the Western Hemisphere.

Today, more than 30% of daily global oil production is sourced from countries where the United States exercises political influence. The administration now wants American oil companies — producers, refiners, and service operators — to revive Venezuela’s devastated oil industry. This will be a long and difficult process, requiring tens of billions of dollars in investment.

Years of corruption, mismanagement, and underinvestment have left Venezuela’s crude oil infrastructure in ruins. Yet companies such as Chevron, Exxon Mobil, and ConocoPhillips possess the capital, expertise, and........

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