Trump Announces Record-Breaking Oil Deal with Venezuela

US President Donald Trump recently announced a landmark oil agreement with Venezuela that promises to lower gas prices across the country. The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, grants the US control of more than 65 billion barrels of proven oil reserves in Venezuela.

The agreement is a historic transaction that will more than double American oil reserves and increase the oil supply, according to President Trump. Interim Venezuelan leader Delcy Rodriguez elaborated on the deal, stating that it envisions the development of 17 strategic oilfields with a production target of over 1.5 million barrels per day.

Rodriguez also claimed that the deal could produce around $209 billion in tax revenue for Venezuela and draw $100 billion in investment for the country's oil industry. However, experts caution that gas prices may not lower soon due to the fact that many of the oil fields in the agreement are still largely underdeveloped.

Venezuela retains ownership of its natural resources while leveraging capital, technology, and operation expertise from the US to support the recovery of its strategic industry severely affected by sanctions. The deal's impact on gas prices is expected to be seen in several years' time, according to experts.