Trump Touts 'Biggest Oil Deal' with Venezuela, but Gas Prices May Not Drop Soon

US President Donald Trump announced a 'historic' oil deal with Venezuela, claiming it will substantially lower gas prices for Americans. The agreement gives America majority control of over 65 billion barrels of proven oil reserves in Venezuela at no cost to taxpayers.

The deal involves the development of 17 strategic fields and an investment of more than $100 billion by a private business, according to acting Venezuelan President Delcy Rodriguez. Trump said US Secretary of State Marco Rubio and Defense Secretary Pete Hegseth worked closely with Rodriguez on the agreement.

While Trump touted the deal as 'THE BIGGEST OIL DEAL IN WORLD HISTORY!', experts do not expect an immediate drop in gas prices. GasBuddy's head of petroleum analysis, Patrick De Haan, said it will take billions of dollars and years to build up Venezuela's infrastructure.

The national average for a gallon of regular gas remained at $4.08 on Saturday morning, roughly unchanged from last month. The deal is seen as a turnaround in the bilateral relationship between the US and Venezuela, which has been strained due to the Trump administration's stance on former leader Nicolás Maduro.