Trump announces US-Venezuela oil deal
President Trump announced a deal with Venezuela that he claims will give the U.S. majority control of over 65 billion barrels of oil reserves. The agreement outlines a 100-year lease for a joint venture that would hold a 55% share for the U.S. government, potentially becoming the world's second-largest private oil company. The crude supply is expected to be directed towards the U.S. strategic petroleum reserve.
This deal could reshape global oil markets and U.S. energy policy, but experts point to constitutional hurdles in Venezuela and significant challenges in refining capacity that could delay any impact on U.S. gas prices for years.
