Trump Announces Landmark US-Venezuela Oil Deal to Double American Reserves and Lower Gas Prices

President Donald Trump announced Friday night that the United States has successfully reached an oil agreement with Venezuela. According to the president, this strategic move will more than double American oil reserves, expand the overall oil supply, and significantly reduce gas prices for consumers.

“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump stated on social media.

The announcement arrives roughly two months prior to the US midterm elections as the national average gas price remains above $4 per gallon. The ongoing Iran war has heavily impacted global energy markets by disrupting a fifth of the world's oil supply over the past six months, depleting commercial stockpiles and pushing US emergency reserves to their lowest levels since the early 1980s.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” Trump added.

Interim President Delcy Rodriguez also expressed optimism regarding the pact. “Our goal is to move toward consolidating our position as an energy-producing power, putting our immense reserves at the service of national development, job creation, increased income for our workers, and the well-being of our people,” she noted in a statement.

A White House official speaking with CNN explained that the finalized agreement grants the United States 55% effective output from a new private joint venture, positioning it as the second-largest private oil company by reserves globally. With backing from the United States, Rodriguez approved 100-year concessions for the oil fields to a private entity operated jointly by the US government and a private operator in Venezuela.

“The United States Government has secured more than half the value of this new oil giant, split between equity ownership and guaranteed at-cost off-take,” the official stated. The arrangement aims to replenish the US strategic petroleum reserve and supply the US Military as production scales up.

Secretary of State Marco Rubio characterized the accord as a major victory for both nations, noting it will introduce nearly $100 billion in private investment, generate thousands of jobs, and foster the rebuilding of the Venezuelan economy.

Earlier in the year, a major US military operation captured Nicolás Maduro, transporting him and his wife to New York to face criminal charges. Following the operation, President Trump indicated that American companies would assist in reconstructing Venezuela's energy sector. Venezuelan lawmakers subsequently approved legislative changes backed by Rodriguez to facilitate foreign participation in the country's oil industry, which holds the largest proven reserves in the world.