Venezuela Oil Deal Won't Lower Gas Prices Anytime Soon

The recent announcement of an oil deal between the US and Venezuela has sparked hope that gasoline prices will soon decrease. However, experts warn that this won't happen anytime soon.

According to Patrick De Haan of GasBuddy, 'Changes to fuel prices won’t happen overnight or even in months.' Drilling and pumping the newly acquired oil reserves will take a long time.

The deal involves taking control of 65 billion barrels of proven oil reserves in Venezuela. However, experts point out that these reserves are not easily accessible and will take decades to convert into usable oil.

Amena Bakr, an energy journalist, notes that years of consistent investment are needed to build new infrastructure for oil production to reach the 1.5 million bpd mark in Venezuela.