US Secures Control Over Venezuela's Oil Reserves Amid Ongoing Energy Crisis

The US and Venezuela have struck a deal that will grant the US government control over Venezuela's oil reserves. The agreement, which has been touted as 'the biggest oil deal in world history', will allow the US to double its oil reserves.

Under the terms of the deal, a joint venture between the US government and North American Blue Energy Partners, a private oil exploration and production company, will be granted 100-year concessions to develop 17 oil fields. These fields have an estimated 65 billion barrels of oil reserves, which is roughly 1% of the total amount of extracted crude oil currently sitting in US stocks.

The deal has been met with some skepticism, however, as it's unclear when and if the increased oil production will actually lead to lower fuel prices. The development of new oil fields could take upwards of a decade and cost at least $100 billion in investment. Additionally, the type of oil produced in Venezuela is very heavy and high in sulphur, making it difficult and costly to extract, transport, and refine.