President Donald Trump announced Tuesday he has secured what he described as the "biggest oil deal in world history" with Venezuela, which he stated will give the United States control of more than 65 billion barrels of proven oil reserves. The agreement aims to significantly increase U.S. oil supply and reduce gasoline prices.
Trump credited Senator Marco Rubio and Pete Hegseth for brokering the deal with Venezuela's Interim President Delcy Rodriguez and private businesses, including American oil firms. According to Trump, the 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."
The President also asserted that the deal came at "no cost to the American taxpayer" and will strengthen relations between the two nations. This agreement follows a prior deal with the new Venezuelan government after dictator Nicolas Maduro was deposed earlier this year in an operation termed "Operation Absolute Resolve."
Trump had previously indicated that the military operation to remove Maduro was partly intended to gain access to Venezuela's extensive oil reserves. Rodriguez, who previously served as Maduro's Minister of Petroleum and Hydrocarbons, was a key figure in negotiating the terms.
Secretary of State Rubio hailed the deal as a "huge win for both the American and Venezuelan people." He stated that Trump's foreign policy is driving "America First wins" by securing stable reserves and affordable oil within the hemisphere. For Venezuela, Rubio projected the deal would bring approximately $100 billion in private investment, create thousands of jobs, and aid in the country's economic reconstruction.