Ted Cruz: “Venezuela, as we've talked about, has the highest proven…”

“And I've had conversations with a number of smaller E and P exploration and production independents in West Texas, and they've expressed optimism, number one, in terms of Venezuela. Venezuela, as we've talked about, has the highest proven reserves of oil in the world. No country has more. But the Venezuelan infrastructure has completely collapsed. Communism is not capable of producing what they should.” (06:12–06:18)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.