- President Trump's new oil agreement with Venezuela could give the United States access to a 65 billion-barrel crude-oil prize — an energy-security win, even if drivers are unlikely to see benefits quickly.
- The deal announced Friday would give the U.S. a stake in 17 oil fields holding an estimated 65 billion barrels of crude, according to Venezuela’s government.
- A steadier Venezuelan supply could support Gulf Coast refineries, diversify U.S. oil imports, and provide a buffer against future supply disruptions.
- The deal could help replenish the Strategic Petroleum Reserve, which remains well below its 714 million-barrel authorized capacity.
President Trump’s new oil agreement with Venezuela could significantly impact U.S. energy security by providing access to a 65 billion-barrel crude prize across 17 oil fields. This deal, announced on Friday, aims to diversify U.S. oil imports and support Gulf Coast refineries.23
Venezuela, which controls over 300 billion barrels of crude reserves—about 20% of the world’s total—has struggled with production due to political instability and infrastructure issues. Currently, it produces only about 1% of the world’s oil despite holding an estimated 17% of global reserves.
A steadier supply from Venezuela could help replenish the Strategic Petroleum Reserve, which is currently below its 714 million-barrel authorized capacity. This is particularly crucial as ongoing conflicts, such as the war with Iran, disrupt oil shipments through the Strait of Hormuz.4
As of Sunday, the average U.S. price for regular gasoline was approximately $4.07 a gallon, compared to $3.19 a year earlier, indicating the potential urgency for increased domestic oil supply.
“The agreement, announced Friday, would give the U.S. a stake in 17 oil fields holding an estimated 65 billion barrels, according to Venezuela's government. It could also help replenish the Strategic Petroleum Reserve, which remains well below its 714 million-barrel authorized capacity.”
Fox News
