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Commodities

Trump's 'Biggest Oil Deal' Won't Lower Gas Prices Yet

Guavy AI Editorial Team
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Oil
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President Donald Trump has announced a historic oil deal with Venezuela, claiming it will substantially lower gas prices for Americans. However, experts warn that an immediate drop in prices is unlikely due to the time and investment required to extract the oil.

The agreement gives the US majority control of over 65 billion barrels of proven oil reserves in Venezuela at no cost to taxpayers. Trump described the deal as 'THE BIGGEST OIL DEAL IN WORLD HISTORY!' but experts are skeptical about its immediate impact on gas prices.

Patrick De Haan, GasBuddy's head of petroleum analysis, said that drilling and pumping the oil will take a long time and billions of investment to obtain. He noted that the 65 billion barrels referred to by Trump is an estimate of Venezuela's total reserves, not immediately available for extraction.

The national average gas price remains elevated at $4.08 per gallon, with some experts attributing this to ongoing conflicts in the Middle East and Ukraine that have strained refining capacity.

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