Trump's Venezuela Oil Deal Sparks Concerns Over Refining Capacity

President Donald Trump's announcement that an unnamed U.S. company has agreed to take control of vast amounts of Venezuela's untapped oil reserves at a cost has raised questions among Venezuelans and the global energy market.

Trump called it 'THE BIGGEST OIL DEAL IN WORLD HISTORY!' but critics argue U.S. consumers will not benefit for many years, as the deal does not address the issue of refining capacity in the country.

The announcement comes at a time when global crude prices are rising again due to renewed warfare between the United States and Iran, with the average price Americans pay at the pump exceeding $4 throughout August, according to AAA.

U.S. Treasury Secretary Scott Bessent told The Associated Press ahead of the Group of 20 finance ministers meeting that the Trump administration is prepared to take 'financial violence' if necessary as it pressures allies to join in 'economic D-Day' sanctions on Iran.