President Trump secures a new oil agreement with Venezuela to provide the United States with access to 65 billion barrels of crude oil.
The administration announced a new oil agreement with Venezuela that grants the United States a stake in 17 oil fields holding an estimated 65 billion barrels of crude oil. This deal provides the U.S. with access to heavy crude, a type of oil that is well-suited for Gulf Coast refineries and helps diversify U.S. oil imports. President Trump views the deal as a strategic win for energy security, aiming to strengthen the U.S. position against supply disruptions and help replenish the Strategic Petroleum Reserve. While the average price of regular gasoline has risen over the past year, the administration's move secures a long-term supply of Venezuelan heavy crude. The success of the deal will depend on the country's ability to turn its vast reserves into market-ready barrels for the American consumer.