Trump Says Venezuelan Oil Will Refill US Strategic Reserve, Which He Blames Biden for Draining

Donald Trump says Venezuelan crude will help refill the US Strategic Petroleum Reserve, which he portrays as nearly empty after Joe Biden’s presidency.

Trump wrote on Truth Social that one planned use for Venezuelan oil was to replenish the reserve. “One of the things we will do with Venezuelan oil is fill up the Strategic Petroleum Reserve, which was virtually drained because of former President Joe Biden,” he wrote. He added that the process of filling it to capacity would begin soon and called it “a gift from Venezuela to the American people.”

The reserve held 289.7 million barrels on Aug. 21, well below its storage capacity of 714 million barrels. The article described that level as the lowest in 44 years. Trump has also referred to Biden as “Sleepy Joe Biden” while arguing that the previous administration effectively emptied the reserve.

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One of the things we will do with Venezuelan oil is fill up the Strategic Petroleum Reserve, which was virtually drained because of former President Joe Biden.

The Biden administration released oil from the reserve to respond to higher prices, selling 1 million barrels a day for six months in 2022. The article described the sale as the largest release in the reserve’s history, with about 45% of its stock sold by the end of 2023.

Trump’s plan follows an agreement reportedly reached on Aug. 28 that gave the United States majority control over Venezuela’s confirmed oil reserves, estimated at 65 billion barrels. Venezuela’s interim president, Delcy Rodríguez, said the agreement would remain valid for 25 years. The article also cited analysis that the US capture of Venezuelan President Nicolás Maduro in January was ultimately motivated by oil.

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A gift from Venezuela to the American people.