Trump Targets 20% Growth Rate Amid Venezuela Oil Push
US President Donald Trump unveiled a plan to combat high pump prices for Americans by claiming control over 65 billion barrels of oil reserves in Venezuela. However, experts told CNBC that his deal with Venezuela will not lower gas prices anytime soon due to the country's oil infrastructure being in disrepair.
The US average gasoline price was $4.08 per gallon on Monday, a nearly 30% increase from the same time last year, according to AAA data. Trump also vowed to hit Iran 'hard' after the Islamic Republic said it launched an attack on two US bases in Jordan.
Trump continued his push for the Federal Reserve to lower interest rates, arguing that the US could grow at up to 20% and that rapid growth should not prompt the central bank to raise interest rates. However, GDP numbers are a far cry from this target, with real GDP increasing at a 1.5% annualized rate in the second quarter of 2026.