Trump announced a massive oil deal with Venezuela. Why it won't lower gas prices anytime soon

Venezuela's acting President Delcy Rodríguez emphasized the country's desire to turn its oil reserves into a source of social and economic well-being for its citizens, despite agreeing to surrender sovereignty over its resources to the US. The deal, which US President Donald Trump announced on Friday, grants Washington access to 65 billion barrels of Venezuela's oil reserves.

In addition, the agreement calls for the development of 17 strategic fields and could generate more than $100 billion in investment, along with over $209 billion in taxes for the state.

Rodríguez stated that the country retains ownership and sovereignty over its resources, firmly rejecting the notion that the deal compromises Venezuela's control over its oil. The agreement comes at a time when Venezuela has been struggling to attract investment due to an ongoing economic crisis. However, some analysts have welcomed the US's role as a guarantor for investments in Venezuela, which has the world's largest proven oil reserves.

Despite the deal, questions have been raised on social media regarding whether the agreement will genuinely benefit Venezuelans. Some have criticized the government for lacking transparency surrounding the arrangement. Oil production in Venezuela has experienced a 29.8% increase between January and July, reaching 1.2 million barrels a day, although it remains far below the 3 million barrels a day recorded 25 years ago.

To facilitate private and foreign capital entry, Rodríguez has introduced reforms in the mining and oil sectors, while the US has relaxed sanctions on Venezuela's oil sector.

US Secretary of State Marco Rubio hailed the deal as a significant victory for both American and Venezuelan people, claiming it demonstrates President Trump's bold foreign policy in securing stable reserves and low-cost oil in the hemisphere, thus lowering gas prices in the US.