Trump claims US-Venezuela oil deal secures 65 billion barrels for America

Former President Donald Trump announced Friday night that the United States has secured majority control over more than 65 billion barrels of proven oil reserves in Venezuela through an agreement he said would "more than double" American reserves, increase oil supply, and lower gas prices.

“

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 that Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela's Interim President Delcy Rodriguez and private business partners, finalized the deal at no cost to American taxpayers. The announcement comes less than two months before the U.S. midterm elections, with national average gas prices exceeding $4 per gallon.

“

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 agreement aims to address dwindling U.S. emergency oil reserves, which have not been this low since the early 1980s, amid global supply disruptions from the Iran war. Trump emphasized the "Historic Transaction" would "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."

“

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.

Rodríguez also promoted the agreement, stating Venezuela's goal is to leverage its reserves for national development, job creation, and improved worker income and public well-being. A White House official detailed that the negotiated deal establishes a new private joint venture where the U.S. will have 55% effective output, making it the world's second-largest private oil company by reserves. The U.S. government's stake is secured through equity ownership and guaranteed at-cost off-take, intended to fill the U.S. strategic petroleum reserve and supply the U.S. military.

“

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. As the company scales production, the resulting stable supply of at-cost oil in our Hemisphere will go toward filling the U.S. strategic petroleum reserve and fulfilling the supply needs of our Great U.S. Military.