U.S. Lands 65-Billion-Barrel Venezuela Oil Deal
President Trump is calling it the “biggest oil deal in world history,” an agreement giving the United States majority control over a massive share of Venezuela’s petroleum reserves while promising increased supplies and lower prices for American consumers.
President Donald Trump has announced a sweeping agreement giving the United States majority control over more than 65 billion barrels of proven Venezuelan oil reserves in what the administration is calling a historic expansion of American energy security.
The agreement gives the U.S. a 55 percent interest in production from 17 Venezuelan oil fields and runs for 25 years, according to reports on the announcement. Trump described it as the “biggest oil deal in world history.”
The agreement was negotiated at Trump’s direction by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, working with Venezuela’s interim government under Delcy Rodriguez and private businesses expected to play a major role in rebuilding the country’s deteriorated oil infrastructure.
Venezuela possesses the world’s largest proven crude-oil reserves, but years of corruption and mismanagement under the government of Nicolás Maduro’s, combined with underinvestment, U.S. sanctions and deteriorating infrastructure, have left the country’s once-dominant petroleum industry in shambles.
Trump says the arrangement will dramatically expand the amount of petroleum available to the United States, strengthen American energy independence and eventually translate into lower gasoline prices.
Exactly how quickly those benefits reach consumers remains uncertain. Bringing neglected Venezuelan fields back to higher production levels could require substantial private investment and years of infrastructure work.
The administration says the agreement will not require American taxpayer funding, with private companies expected to provide the investment necessary to restore and expand production.
For Venezuela, the deal offers access to American investment and expertise capable of reviving its most important industry. For the United States, it represents an extraordinary foothold in the nation possessing the largest known petroleum reserves on Earth — and potentially one of the most consequential energy agreements ever negotiated.
You Might Also Be Interested In
Flock Cameras Spread as Lobbying Dollars Flow
President Looks to Build America’s Space Workforce
Puberty Blocker Study Sounds Alarm on Youth Treatment
