Trump Announces 'Largest Oil Deal in History' with Venezuela
SingTao · 2 SOURCESabout 2 hours ago2 MIN
Summary
Former US president Trump announced on his social media platform Truth Social that the United States has reached what he calls the "largest oil deal in world history" with Venezuela. Under the agreement, the United States will obtain majority control of Venezuela's proven oil reserves exceeding 650 billion barrels, a transaction Trump emphasized comes with no cost to American taxpayers. The deal was negotiated through close coordination between Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan Acting President Delcy Rodriguez.
Key Points
- Trump announced on Truth Social that the US secured majority control of over 650 billion barrels of Venezuela's proven oil reserves
- Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated directly with Venezuelan Acting President Delcy Rodriguez
- The deal involves partnerships with private enterprises and requires no expenditure from US taxpayers
- US gasoline prices have risen to approximately $4.09 per gallon, up from $3.21 a year earlier
- Strategic petroleum reserves have fallen below 300 million barrels after multiple releases to stabilize prices
Why It Matters
The landmark agreement could more than double US oil reserves amid ongoing tensions with Iran that have disrupted shipments through the Strait of Hormuz, potentially providing relief from persistently high gasoline prices that have become a significant political liability for the administration .
The landmark agreement could more than double US oil reserves amid ongoing tensions with Iran that have disrupted shipments through the Strait of Hormuz, potentially providing relief from persistently high gasoline prices that have become a significant political liability for the administration .