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🇻🇪 Venezuela /Energy & Infrastructure

Vance defends Venezuela oil deal as good for Venezuelans and U.S. taxpayers

From El Nacional · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • U.S. Vice President J.D. Vance said an oil agreement with Venezuela would bring more Venezuelan crude to world markets.
  • Vance said increased supply could lower fuel costs for U.S. consumers while generating oil revenue and royalties for both countries.
  • He linked the strategy to reducing U.S. dependence on any single energy supplier.

Vice President J.D. Vance has presented the oil agreement with Venezuela as a rare arrangement that he says benefits both countries, U.S. consumers and American taxpayers.

Vance said private U.S. companies would be able to operate in Venezuela and increase the flow of crude to international markets. More supply, he argued, could help contain fuel prices and benefit American consumers directly.

I think it is an amazing testament to what smart foreign policy can look like and how it translates into good outcomes for the American people

· J.D. VanceVance praised the agreement as an example of foreign policy producing economic benefits for Americans.

“I think it is an amazing testament to what smart foreign policy can look like and how it translates into good outcomes for the American people,” Vance said.

That is going to mean that global oil markets will simply have more supply, that will reduce the cost for Americans

· J.D. VanceHe explained why increased Venezuelan production could lower U.S. fuel costs.

He said U.S. companies could develop activities in Venezuela and generate substantial oil revenue. The added production, in his view, would affect more than bilateral relations by increasing the amount of crude available worldwide. “That is going to mean that global oil markets will simply have more supply, that will reduce the cost for Americans,” he said.

Vance also argued that Venezuela would receive significant income while the United States would obtain revenue through royalties. “That means a lot of revenue will go to the people of Venezuela, but the American people will also directly receive part of the royalties,” he said. He called the agreement good for Venezuelans, gas buyers and U.S. taxpayers.

That means a lot of revenue will go to the people of Venezuela, but the American people will also directly receive part of the royalties

· J.D. VanceVance described the revenue-sharing benefits he attributed to the agreement.

The vice president tied the deal to an energy policy designed to prevent the United States from relying too heavily on one supplier. “We have learned that we cannot be overly dependent on anyone for the global supply of energy and gas,” he said.

We have learned that we cannot be overly dependent on anyone for the global supply of energy and gas

· J.D. VanceHe connected the agreement to a strategy of diversifying energy supplies.
About this summary

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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