Trump Touts Historic Oil Deal with Venezuela, but Experts Question Gas Price Impact

President Donald Trump has announced a major oil deal with Venezuela, which he claims will lower gas prices for Americans. The agreement, which Trump calls 'THE BIGGEST OIL DEAL IN WORLD HISTORY!', gives the U.S. majority control of over 65 billion barrels of proven oil reserves in Venezuela at no cost to taxpayers.

The deal is a result of negotiations between Trump's administration and acting Venezuelan President Delcy Rodriguez. According to Trump, the agreement will allow for the development of 17 strategic fields and an investment of more than $100 billion. Rodriguez said it will have a significant impact on Venezuela's economy and strengthen economic ties between the two countries.

However, experts are skeptical about the deal's immediate impact on gas prices. Patrick De Haan, GasBuddy's head of petroleum analysis, said that drilling and pumping oil from Venezuela will take years and billions of dollars in investment. He also noted that the 65 billion barrels mentioned by Trump is an estimate of Venezuela's potential reserves, not a guarantee of actual production.

Oil executives have previously been hesitant to invest in Venezuela due to its high risks, but the Trump administration has promised stability through U.S. involvement. The agreement will allow for the development of new oil fields and provide a boost to Venezuela's economy, which has been struggling under sanctions imposed by the U.S.