Trump Seals Historic US-Venezuela Oil Deal, Lowering Gas Prices

President Donald Trump announced a 'historic' oil deal between the US and Venezuela, which he claims will lower gas prices for Americans. The agreement gives the US majority control of more than 65 billion barrels of proven oil reserves in Venezuela.

The deal was negotiated by the Defense Department and State Department, according to a U.S. official with knowledge of the agreement. The US will have a 55% share in a joint venture with a private Venezuelan company, which will be split between equity ownership and production.

Interim President Delcy Rodriguez hailed the agreement as a 'historic milestone' in relations between the two countries. She said it would allow for a significant increase in oil production, with an investment of more than $100 billion and over $209 billion in tax revenue.