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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Chronicle: ‘More pain for Texas oil companies’ after U.S. action in Venezuela

January 23, 2026 by PBOG

Houston Chronicle reported this week that President Trump’s plan for Venezuelan oil could add supply to an already over-supplied market, “causing more pain for Texas oil companies.”  The Chronicle said Houston’s largest oil companies are shedding jobs and more drilling rigs are sitting idle a year after Trump said in his inaugural speech, “We will drill, baby, drill.”  According to the report, prices have plunged more than 20 percent since Trump took office and raised tariffs on imports.

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