Trump Secures Control of Venezuela Oil Reserves with New Deal
US President Donald Trump has announced that the US has secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a deal with the country. This transaction will effectively double the US oil reserves and significantly increase its oil supply, according to Trump.
The agreement comes as gasoline prices remain high in the US amid tensions with Iran. Trump claims that the deal 'will substantially lower Gas Prices for all Americans, long into the future.'
A US government official explained that the deal will secure 55 percent effective output of a new private joint venture. Secretary of State Marco Rubio said on social media that the deal will bring nearly $100 billion in private investment to Venezuela and support thousands of high-paying jobs.
Venezuela's oil production has declined due to US sanctions and other factors, with aging oil facilities contributing to the issue. However, it remains unclear whether the deal will lower US gasoline prices in the short term, as increasing Venezuelan oil production could take years.