The US could be getting access to vast oil reserves in Venezuela

Is the United States about to acquire vast amount of oil? Besides a social media post from President Donald Trump, the White House has said little about what he is calling “THE BIGGEST OIL DEAL IN WORLD HISTORY” in Venezuela. 

Trump said the agreement announced Friday night would give the United States a stake in Venezuela’s vast oil reserves, a step toward his goal of extracting energy from the country after American forces captured then-President Nicolás Maduro in a middle-of-the-night raid in January and brought him to New York to face federal drug trafficking charges. 

Venezuela’s acting president, Delcy Rodríguez, described the deal as a step toward economic recovery that will modernize the country’s oil industry. In a televised address to the nation late Saturday, Rodríguez insisted Venezuela’s sovereignty is secure and said she wants the country to become a global energy powerhouse.

Earlier on Saturday, she said the oil reserves would “cease to be an inert, cold statistic and will instead become concrete solutions. Housing is one of them.” The US government and an unnamed private operator in Venezuela formed a new company that was given the rights to untapped oil fields for 100 years.

A statement from Rodríguez said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas.

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Rodríguez. The deal gives the United States 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost.

American purchases of the oil will go toward the US strategic oil reserves along with the military, according to a U.S. official who was not authorized to discuss the matter publicly and spoke on the condition of anonymity.

President Trump says the deal will help lower gas prices for Americans. That is an important objective for the Republican president as the Iran war slows the shipping of Persian Gulf oil and keeps prices elevated months before November elections in the United States.

While this looks promising, nothing is set in stone, and even assuming this deal goes through, it is not a cure-all for oil prices. But despite how negative the media has been about the Trump administration, this very well could be good news for Trump, and more importantly, America.