economy
Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves
The U.S. struck a deal with Venezuela to get majority control of more than 65 billion barrels of oil reserves, Trump said in a social media post.
TL;DR
- The U.S. has reached an agreement with Venezuela for majority control of over 65 billion barrels of oil reserves.
- President Trump declared this the "BIGGEST OIL DEAL IN WORLD HISTORY" and stated it comes at no cost to U.S. taxpayers.
- The deal more than doubles the U.S. oil reserve, addressing recent lows in the Strategic Petroleum Reserve.
- This agreement follows a U.S. attack on Venezuela, during which Nicolás Maduro and Cilia Flores were captured.
- Trump cited a "partnership" with unnamed private businesses in securing the deal.
- The announcement comes as consumers face rising energy prices and ahead of midterm elections.
- Trump expects the deal to reduce gas prices, which have seen a 27% year-over-year increase.
- Global crude prices have risen due to the U.S. war with Iran, disrupting transit through the Strait of Hormuz.