President Donald Trump has announced that the United States secured majority control over 65 billion barrels of Venezuela's proven oil reserves. Venezuela has agreed to provide access to these untapped reserves at cost, a move Trump describes as a major boon for the American people and a victory that will lower gasoline prices.
The administration plans to use this control to refill the Strategic Petroleum Reserve, which is currently near a 44-year low of about 290 million barrels. President Trump stated that the topping out process will begin shortly to replenish the depleted emergency reserves.
The agreement cements the United States' long-term dominance over Venezuela, which has become a neo-colony since the U.S. military captured former President Nicolás Maduro in January. Despite the announcement, officials have provided no public timeline for the operation, as developing the vast reserves will require significant investment and infrastructure work. It remains unclear how quickly the deal will provide oil for the reserve or deliver near-term benefits to U.S. motorists.