President Donald Trump announced Sunday that a sweeping energy agreement with Venezuela will grant the United States access to more than 65 billion barrels of proven oil reserves, a deal he says will “substantially lower Gas Prices for all Americans” while repairing damage done by his predecessor.
The president wasted no time connecting the deal to what he called years of mismanagement under Joe Biden. In a social media post, Trump declared his intention to use Venezuelan crude to replenish the Strategic Petroleum Reserve, which he claimed Biden had “virtually emptied” during his time in office.
“One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied,” Trump wrote. “The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to the People of the United States.”
The agreement comes months after a dramatic turn in U.S. relations with the South American nation. Trump had vowed to tap into Venezuela’s massive oil wealth following the capture of former President Nicolas Maduro in January. Maduro was brought to New York to stand trial on drug charges, leaving a power vacuum that the U.S. moved quickly to fill.
Venezuela’s interim President Delcy Rodriguez, who served as Maduro’s vice president before receiving American backing following his capture, confirmed the terms of the arrangement in a late night address on Saturday. She framed the deal as critical to her country’s economic recovery.
The energy agreement will remain in force for 25 years, Rodriguez announced, providing long term stability for both nations. According to a U.S. official who spoke with CBS News, Washington will retain 55 percent control of a joint venture that will include “an experienced private operator in Venezuela.” The structure gives America a controlling stake while maintaining operational expertise on the ground.
Trump touted the scope of the arrangement, claiming it would more than double American oil reserves. That’s a staggering figure that would reshape the country’s energy security picture for decades to come.
For American families struggling at the pump, the president’s promise of lower gas prices offers welcome news. Energy costs have been a persistent concern for working households, and the prospect of tapping into the world’s largest proven reserves could provide meaningful relief.
The deal represents a dramatic shift in how Washington approaches Venezuelan energy assets. For years, sanctions and political tension kept American companies largely locked out of the country’s oil fields. Now, with new leadership in Caracas and a president in Washington willing to make aggressive moves, that calculus has changed entirely.
Rodriguez’s willingness to partner with the United States marks a significant departure from the Maduro era, when anti-American rhetoric dominated Venezuelan politics. Her government appears eager to attract Western investment and rebuild an economy devastated by years of socialist mismanagement and corruption.
The Strategic Petroleum Reserve, established in the 1970s following the Arab oil embargo, serves as the nation’s emergency fuel stockpile. Critics had long warned that drawing down the reserve for political purposes left America vulnerable. Trump’s plan to refill it addresses those concerns while simultaneously expanding American influence in the Western Hemisphere.
