Trump Announces ‘Biggest Oil Deal in World History’ with Venezuela, Aiming to Slash Gas Prices
President Donald Trump has announced a landmark oil agreement with Venezuela that he says will more than double U.S. oil reserves and substantially lower gas prices for Americans. The deal, brokered by Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Venezuelan interim President Delcy Rodriguez, grants the United States majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private business. The move comes as the U.S. faces pressure from elevated fuel prices amid the ongoing war with Iran, which has disrupted oil shipments through the critical Strait of Hormuz.
While the agreement’s details remain limited, sources indicate it involves a public-private partnership that would grant the U.S. an effective 55% share of output from a new company developed to manage the fields . Trump emphasized the transaction would come “at no cost to the American Taxpayer.” Secretary of State Marco Rubio praised the deal as a “huge win for both the American and Venezuelan people,” highlighting that it would secure stable, low-cost oil in the Western Hemisphere while bringing nearly $100 billion in private investment to Venezuela . However, analysts caution that any significant impact on U.S. gas prices will not be immediate, as Venezuela would require years and billions of dollars to repair its aging oil infrastructure and substantially increase production.
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