Trump Announces Historic Oil Deal with Venezuela Amid Soaring Gas Prices

President Donald Trump announced that the US has reached an agreement with Venezuela to take control of 65 billion barrels of its oil reserves. The deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuelan interim President Delcy Rodriguez.

The announcement comes as gas prices in the US have surged to $4.09 a gallon on average, according to AAA. This is up from $3.21 at the same time last year, with the US tapping its strategic petroleum reserves due to disruptions caused by the war in Iran.

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground. However, due to dilapidated infrastructure, the country only produces about 1% of the world's oil.