US Secures Control of 65 Billion Barrels of Venezuelan Oil Reserves

President Donald Trump has announced an agreement that will give the United States majority control of more than 65 billion barrels of proven oil reserves in Venezuela. According to Trump, this deal is worth calling a 'gift from Venezuela.'

The agreement would see a new company hold concessions for 100 years, with the U.S. receiving 55% of the oil produced through its ownership stake and oil purchased at cost. This could increase the global oil supply and help lower gas prices in the United States over the long term.

Secretary of State Marco Rubio has praised the agreement as a 'major win for Americans and Venezuelans,' stating it could bring nearly $100 billion in private investment to Venezuela.