Trump says Venezuelan oil could replenish depleted U.S. stockpiles. Will it?
President Trump framed last week's deal for the U.S. government to take a stake in Venezuelan oil as a boon for the depleted Strategic Petroleum Reserve. But the plan faces some hurdles, experts say.
President Trump has stated that oil from Venezuela could replenish the depleted Strategic Petroleum Reserve. This deal would grant the U.S. government a majority stake in 65 billion barrels of Venezuelan oil reserves. The oil from Venezuela is heavier than the usual crude in U.S. reserves, meaning it would require significant conversion before it could be used.
Experts predict that it could be several years before this production can reach the Strategic Petroleum Reserve. The reserve currently holds just under 290 million barrels, its lowest level since the 1980s.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
