Trump Seeks Control Over Venezuela's Massive Oil Reserves

US President Donald Trump has announced an ambitious plan to give American companies control over a significant portion of Venezuela's oil reserves. The deal, which was negotiated in secret with Venezuelan officials and private business partners, would grant majority US control over more than 65 billion barrels of proven oil reserves in the OPEC nation.

The agreement is part of Trump's effort to revive Venezuela's battered energy industry and provide a new source of crude for US refineries. The Trump administration has been trying to secure a stable flow of Venezuelan crude for US refineries while promoting American investment in the country's oil industry, which has been severely impacted by years of underinvestment, mismanagement, and sanctions.

The deal would more than double America's oil reserves and 'substantially' lower gas prices for Americans, according to Trump. The announcement comes as the US is facing rising gasoline prices ahead of midterm elections scheduled later this year.