President Trump claims a historic oil deal with Venezuela will substantially lower gas prices for Americans.
President Trump described a new oil agreement with Venezuela as the biggest oil deal in world history, promising a substantial drop in gas prices for Americans. The administration announced that the United States negotiated majority control of more than 65 billion barrels of proven oil reserves in Venezuela at no cost to the American taxpayer. The deal, which includes an ownership stake and guarantees to buy oil at cost, will result in the second- largest private oil company by reserves in the world. While President Trump stated the agreement will lower prices long into the future, experts suggest that immediate results are not expected. Analysts note that it will take years and billions of dollars in investment to develop Venezuela's infrastructure. Current gas prices remain elevated due to ongoing conflicts with Iran and Russia, as well as a shortage of global refining capacity. The administration remains committed to the deal despite the historically risky nature of the region, insisting that U.S. involvement will bring stability to the supply.