President Donald Trump announced Friday that the United States has entered into an agreement with Venezuela, securing majority control of over 65 billion barrels of proven Venezuelan oil reserves. Trump described the deal, secured at his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, as "THE BIGGEST OIL DEAL IN WORLD HISTORY!"
According to Trump, the U.S. obtained majority control of these reserves "at no cost to the American Taxpayer." He stated on Truth Social that 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."
Phil Flynn, a Fox Business contributor and oil trader, hailed the agreement as a "generational win" for Americans, predicting it could lead to lower gas prices for years. Flynn also noted that U.S. technology could significantly develop Venezuela's oil industry, benefiting the Venezuelan people as well.
"It's a generational win for Americans because it is [going to] lead to a generation of low prices," Flynn said during an appearance on "Fox & Friends Weekend." He added that the U.S. now possesses "the biggest strategic petroleum reserve in history. It's called Venezuela."
Secretary of State Rubio echoed this sentiment, calling the agreement a "huge win" for both nations. He stated that the deal "demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home."
The agreement follows a U.S. operation to capture then-Venezuelan leader Nicolás Maduro in January, which preceded a transition in power. Trump indicated that the deal would help set Venezuela on a path toward "Tremendous Success and Great Prosperity."
While Trump and Rubio anticipate long-term price reductions, Flynn cautioned that immediate relief at the pump is unlikely. "If you're looking for gasoline prices to fall 10 cents overnight, probably not [going to] happen," he said. However, Flynn believes the deal will exert psychological downward pressure on prices by signaling a decrease in geopolitical risks that have historically contributed to high oil costs.