The U.S. Venezuela oil deal won't lower your gas prices. Here's what you need to know
The Trump administration has announced a joint venture to develop Venezuelan oil reserves, but energy experts warn the deal is unconventional and unlikely to impact U.S. gas prices. The agreement's structure, involving direct government participation, remains legally and operationally unclear.
Why it matters
The deal represents a significant shift in U.S. energy policy and international relations, raising questions about the role of government in private sector oil operations.
The Trump administration announced an agreement with the Venezuelan government on Friday to develop a vast amount of Venezuela's oil reserves.
The U.S. government says it is entering into a joint venture with a private Venezuelan company, according to an official who spoke to NPR on the condition of anonymity because they are not authorized to speak publicly about the deal. The Trump administration says the U.S. would get 55% of the oil from the joint venture. That's equivalent to about 65 billion barrels of oil that's under the ground.
On Truth Social, President Trump called it the "biggest oil deal in the world." But energy experts say there are many reasons to be skeptical.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in