Trump Administration Secures Deal for Access to Venezuela's Massive Oil Reserves

US President Donald Trump has announced that his administration has entered into an agreement with Venezuela to develop the country's vast oil reserves. The deal, which was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, would give the US access to 65 billion barrels of untapped oil at cost.

According to Trump, the agreement will create a new private company that will partner with an unnamed operator in Venezuela to develop the reserves. The US will have a 55% effective output stake in the company, including ownership and rights to buy oil at cost.

The deal is seen as a significant move by the Trump administration to address high gas prices in the US. The average price of gas currently stands at around $4.09 per gallon, up from $3.21 last year. Venezuela's reserves are estimated to be worth 17% of the world's total oil supply.

However, experts have warned that a significant boost in Venezuelan oil production will not happen quickly due to damaged infrastructure and political uncertainty.