Trump promotes US stake in Venezuelan oil to lower gasoline prices

President Trump took to Truth Social to announce what he called “THE BIGGEST OIL DEAL IN WORLD HISTORY,” a sweeping agreement that would give the US a majority stake in 65 billion barrels of Venezuelan proven oil reserves through a new private joint venture. The pitch to Americans: more oil flowing into the country means lower gasoline prices and beefed-up strategic reserves. The deal, unveiled on August 28-29, would grant the US an effective 55% interest in the venture, which could become the second-largest private oil company on the planet by reserves. For context, 65 billion barrels is roughly equivalent to the entire proven reserves of Libya, a country that has spent decades as a major OPEC producer. What the deal actually looks like The agreement calls for more than $100 billion in private investment flowing into Venezuela’s battered oil sector. None of that comes from US taxpayers directly, a detail the administration has been eager to highlight. Venezuela stands to collect upwards of $209 billion in tax revenue from the venture over its lifetime. In return, the US secures provisions to purchase oil at cost for its Strategic Petroleum Reserve and military needs, essentially l...