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By Rodrigo Santos Andrade
Trump says Venezuela oil deal doubles US reserves. What’s the catch?
visibility comment0 event August 31, 2026 timer 15:30
President Donald Trump said Friday night the United States has reached an oil agreement with Venezuela, a move he said will “more than double” American oil reserves, increase oil supply and lower gas prices.
“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on social media.
Trump’s emphasis on lowering American gas prices, almost two months before the US midterm elections, comes as the national average gas price sits at more than $4 a gallon.
0:00 Trump touts massive oil deal
1:15 Does Venezuela benefit?
4:19 How would this deal work?
6:10 Can this deal work long term?
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