Trump Says New Venezuelan Oil Deal Will 'Substantially Lower' Gas Prices
Trump touts a Venezuelan oil deal that he says more than doubles U.S. reserves and will lower gas prices.
President Donald Trump announced a monumental oil deal with Venezuela, stating it would significantly bolster U.S. energy reserves and potentially reduce gasoline prices for American consumers. The agreement, brokered by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, grants the U.S. majority control over more than 65 billion barrels of proven oil reserves in Venezuela, without imposing any financial burden on American taxpayers.
This monumental transaction is projected to double U.S. oil reserves and inject nearly $100 billion in private investment into Venezuela's economy, creating thousands of high-paying jobs. Additionally, the pact is anticipated to bolster the already strengthening relationship between the two nations. For context, the national average price of gas is presently $4.09 per gallon, a level that has remained above $4 since the beginning of August, with August poised to become the costliest month on record at the pump.
Trump's announcement comes amid a major shift in U.S.-Venezuela relations, following the administration's decision to apprehend and extradite Venezuelan President Nicolás Maduro to the United States on charges of narcoterrorism and drug trafficking.
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