President Donald Trump announced a major oil agreement with Venezuela on Friday, saying the U.S. has secured majority control of more than 65 billion barrels of the country’s proven oil reserves.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote on Truth Social.
WHAT WARSH’S JACKSON HOLE SPEECH SIGNALS ABOUT WHERE INTEREST RATES ARE HEADED
Trump said the agreement was reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuela’s interim president Delcy Rodriguez and private business “at no cost to the American Taxpayer.”
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump said.
Secretary of State Marco Rubio touted the deal in a post on social media.
Rubio called the agreement a “huge win” for both countries, saying it would secure “stable reserves and low-cost oil” in the Western Hemisphere while lowering U.S. gas prices.
He said the deal would also bring nearly $100 billion in private investment to Venezuela, support thousands of high-paying jobs and help rebuild the country’s economy.
GET FOX BUSINESS ON THE GO
The White House did not immediately respond to FOX Business’ request for comment.
This is a developing story; check back later for updates.
Read the full article here