Commodities
Trump's Venezuela Oil Deal Sparks Outrage, Fears of Higher Gas Prices
US President Donald Trump announced that Venezuela's acting president, Delcy Rodríguez, has agreed to give an unnamed US company control of vast amounts of the South American country's untapped oil reserves for 100 years. This deal makes the US company the world's second-largest corporate holder of proven reserves after Saudi Aramco.
The global energy supply shock caused by renewed warfare between the US and Iran has kept average prices Americans pay at the pump above $4 throughout August, according to the AAA.
US Treasury Secretary Scott Bessent told The Associated Press that the Trump administration is prepared to exact 'financial violence if we have to' as it pressures allies to join in 'economic D-Day' sanctions on Iran.