President Donald Trump announced Friday that the United States has secured majority control over 65 billion barrels of Venezuela's proven oil reserves. Trump is framing the deal, which provides access to untapped reserves at cost, as a major boon for the American people that will lower gasoline prices and replenish depleted crude reserves.
To boost the country's anemic crude production, a company led by Alejandro Betancourt plans to dispatch more than 50 drilling rigs. This push follows a rebound in Venezuelan crude oil exports in August, occurring as the administration seeks greater control of the nation's oil sector.
Despite the announcement, many details regarding the deal are not immediately clear. It remains uncertain when the American people will see the benefits or if the plan will successfully lower prices and replenish reserves during Trump's presidency.