In Venezuela and Panama, US Actions Are All About Energy Dominance

In the case of the Canal, the export of much-needed liquid natural gas (LNG) from the U.S. to major importers in Asia—including China, via Panama—was at the forefront of the Trump Administration’s desire to renegotiate management of key aspects of Canal operations. This pushed Panama to re-evaluate existing relationships with its Chinese suppliers.

Over the past 12 months, China’s influence on the Canal has waned. Panama seamlessly pulled out of China’s “Belt & Road Initiative.” Further, Beijing went quietly along with Trump’s challenge to the Canal’s contracts.

With Venezuela, to borrow a phrase: U.S. military forces would not have removed Nicolás Maduro had the country’s biggest export been asparagus. The reintegration of Venezuelan oil production into the global market is clearly a top priority for the Trump Administration. It will take billions in new investment to upgrade the dilapidated infrastructure. While many expect private companies to shoulder this burden, do not be surprised if the U.S. government provides a big chunk of the needed capital.

Such an approach is not an outlier. The U.S. government has historically provided generous subsidies to American firms that do business in places vital to national security. Under Trump, the Export-Import Bank of the United States (EXIM Bank) has expanded programs around energy development that support economic growth, secure critical supply chains and ensure American businesses are given a fighting chance.

 To achieve this mission, EXIM offers financing, including export credit insurance, working capital guarantees, loan guarantees and direct loans. I would expect that U.S. energy firms are already starting to prepare their applications.

Going forward, while it will take many years to “Make Venezuela—and Its Oil—Great Again,” the simple fact that the country’s massive reserves will one day come back online under the American umbrella will shape global energy policy for decades to come.

As we move through 2026, American energy dominance will continue to reveal itself again as one of the great forces shaping global business and geopolitics. Over the last 20 years, we have witnessed a transformation no one thought possible: the world’s leading economic and military power also becoming the planet’s largest and most critical energy producer.