Trump's Oil Deal with Venezuela Won't Lower Gas Prices, Market Says
Former U.S. President Donald Trump announced an oil deal between the United States and Venezuela, but cautioned that it won't lower gas prices immediately. The deal aims to alleviate supply constraints in the Venezuelan oil sector, which have been impacted by U.S. sanctions.
The national average retail gasoline price in the U.S. remains high at $4.08 per gallon as of August 2026. Market participants seem to view the deal as a positive development for long-term supply, but not enough to impact prices in the short term.
According to prediction markets, the likelihood of crude oil reaching a new all-time high by September 30 has decreased to 2.3%. The focus now is on how quickly Venezuelan oil production will increase and whether this will alleviate current supply constraints.