President Trump announced a historic 25-year oil agreement with Venezuela to increase U.S. oil supplies and lower gas prices.
The administration announced a historic 25-year bilateral oil agreement with Venezuela, securing majority control of more than 65 billion barrels of proven oil reserves. President Trump described the deal as the "biggest oil deal in world history," noting that it would substantially lower gas prices for Americans while increasing domestic oil supplies. Interim President Delcy Rodriguez celebrated the agreement as a "historic" transaction that targets an initial production of more than 1.5 million barrels per day. Rodriguez stated that Venezuela retains sovereignty over its natural resources while leveraging U.S. capital and technology to rebuild its economy. Secretary of State Marco Rubio called the deal a "huge win" for both nations, highlighting that it would bring nearly $100 billion in private investment to Venezuela. The agreement was reached at no cost to the American taxpayer, with oil industry experts predicting a generation of low prices for American consumers.