Trump Unveils 'Biggest Oil Deal in World History' with Venezuela
President Donald Trump announced a deal that would give the United States access to Venezuela's vast oil reserves, which he claims will be 'the biggest oil deal in world history'. The agreement, formed between the US government and an unnamed private operator, gives the US a stake in 17 untapped fields with a proven potential of 65 billion barrels. This could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.
The deal would allow American purchases of the oil to go toward the US strategic oil reserves, as well as the military. The company would be the second largest corporate holder of proven reserves after Saudi Aramco. Trump said the agreement was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.
However, experts have warned that Venezuela's dilapidated oil infrastructure will take years and billions of dollars to repair, and a substantial boost in production is not expected to happen quickly. The average price of gas in the US stood at about $4.08 a gallon on Saturday, according to AAA.