Trump's Oil Deal: A Game-Changer for US Gas Prices?
US President Donald Trump announced a historic agreement between the US and Venezuela on August 28, calling it the 'biggest oil deal in world history.'
The deal gives US interests majority control over more than 65 billion barrels of proven Venezuelan oil reserves, with the US government set to control 55 percent of a private joint venture through equity and access to oil at cost.
Venezuela's interim president, Delcy Rodriguez, stated that the agreement calls for more than $100 billion in investment and the development of 17 strategic oil fields.
While the deal has the potential to place downward pressure on oil and gasoline prices, experts warn that restoring large-scale production will require extensive private investment and infrastructure work, making immediate price drops at neighborhood gas stations unlikely.