Trump announces massive oil deal with Venezuela
President Donald Trump announced on Friday that he struck a historic oil deal with Venezuela, after wresting power from former Venezuelan dictator Nicolas Maduro in January.
The president said the United States has established “majority” control over more than 65 billion barrels of oil in Venezuela, “at no cost to the American taxpayer.” Trump said the transaction more than doubles U.S. oil reserves, a significant development given that the cost of energy has spiked due to turmoil in the Strait of Hormuz sparked by the president’s war with Iran.
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“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump posted on Truth Social.
“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,” the president added. “This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!”
TRUMP MEETS WITH OIL EXECUTIVES IN BID TO BOOST US DRILLING IN VENEZUELA
In January, the U.S. assumed significant control over Venezuela, which is estimated to have the largest oil reserves in the world, at around 300 billion barrels. At the time, U.S. military forces captured Maduro in order to begin the process of instituting what Washington described as democratic reforms in the country.
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