President Donald Trump announced a historic oil agreement that gives the United States majority control of more than 65 billion barrels of Venezuelan reserves, a move he says will slash gasoline prices for American families. The deal, struck at his direction, carries no cost to taxpayers.
Deal Details and Political Backing
Trump posted the announcement on Truth Social, declaring it the “biggest oil deal in world history.” He added that the agreement could lower energy costs nationwide.
Phil Flynn, a Fox Business contributor, called the arrangement a “generational win” that could keep gas prices low for years. He said the deal could reshape the market for decades.
Rubio praised the pact on X, saying it demonstrates “President Trump’s bold foreign policy” and secures stable, low‑cost oil for the hemisphere. He called it a major win for both nations.
Hegseth and Rodriguez helped negotiate the agreement, which grants the United States majority control of the reserves through a partnership with private businesses. They emphasized that the arrangement requires no taxpayer funding.
Implications for Gas Prices
Flynn warned that immediate price drops are unlikely, but the deal adds the world’s largest strategic petroleum reserve and signals reduced geopolitical risk. He noted that the psychological effect may ease market tension.
Energy Secretary Wright said the administration remains open to suspending the federal gas tax if price spikes persist. He argued that lower fuel costs could relieve pressure on households.
Background
The agreement follows a January operation aimed at capturing Venezuelan leader Nicolás Maduro, after which a power transition paved the way for the oil deal. The capture led to a provisional government that signed the pact.
Madison Colombo, a Fox News Digital writer, reported the story, with contributions from Jasmine Baehr. Their reporting detailed the terms and political context.
