Trump's Venezuela Oil Deal: US to Gain Control of 65 Billion Barrels

President Donald Trump announced what he called 'the biggest oil deal in world history' on Friday, claiming it would give the US majority control of Venezuela's vast oil reserves and lower gas prices for Americans.

The agreement, reached through a joint effort between the State Department and Defense Department, grants the US a 55% share in a joint venture with a private Venezuelan company. This partnership will have majority control of more than 65 billion barrels of proven oil reserves in Venezuela, according to Trump's social media post.

The deal was negotiated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President Delcy Rodriguez of Venezuela. The private company will have a 100-year lease for the oil fields and is expected to invest more than $100 billion in the project.

Trump claimed that this deal would 'substantially lower' gas prices for Americans 'long into the future.' However, Chevron, the only US oil company currently operating in Venezuela, declined to comment on the president's post.