Trump Announces ‘Biggest Oil Deal in World History,’ Predicts Major Drop in Gas Prices

President Donald Trump announced a massive new oil agreement with Venezuela on Friday, calling it the “biggest oil deal in world history” and predicting that the arrangement will substantially lower gasoline prices for American consumers.

Trump said the United States has secured majority control over the development of more than 65 billion barrels of Venezuela’s proven oil reserves. The president argued that the agreement will dramatically expand America’s access to energy while strengthening U.S. influence over one of the largest petroleum reserves on the planet.

According to Trump, the agreement effectively more than doubles the amount of oil reserves available to the United States. He said the increased supply should eventually translate into lower prices at the pump and greater energy security for Americans for years to come.

The deal was negotiated through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuelan interim President Delcy Rodriguez and private companies participating in the project. Trump emphasized that the agreement will come at no cost to American taxpayers.

Rubio celebrated the agreement as a major victory for both the United States and Venezuela. He said it will give America access to stable, relatively inexpensive oil reserves located in the Western Hemisphere while reducing reliance on energy supplies from hostile or unstable regions.

The secretary of state also said the agreement is expected to bring nearly $100 billion in private investment into Venezuela’s battered oil industry. That investment could create thousands of jobs while rebuilding production infrastructure that deteriorated after years of socialist economic policies, corruption and mismanagement.

Venezuela possesses some of the largest proven petroleum reserves anywhere in the world, but production has remained far below its potential. Aging infrastructure, inadequate investment and years of political turmoil have prevented the country from fully developing those resources.

Under the new agreement, private operators are expected to participate in developing 17 strategic Venezuelan oil fields. Those fields contain an estimated potential of approximately 65 billion barrels, according to Venezuelan officials.

Rodriguez said the investments will allow Venezuela to significantly increase oil production while modernizing its energy industry. She argued that the arrangement could also strengthen economic growth in Venezuela while improving energy security throughout the Western Hemisphere.

For Trump, however, the most immediate selling point is the potential impact on American consumers. The president has repeatedly made lowering energy costs a centerpiece of his economic agenda and has argued that abundant oil and natural gas production can reduce transportation, manufacturing and household expenses.

Gasoline prices have remained a major concern as geopolitical conflicts involving Iran and other oil-producing regions have placed pressure on global energy markets. Expanding access to Venezuelan crude could provide the United States with another enormous source of petroleum closer to home.

Trump has repeatedly argued that American energy policy should prioritize reliable supplies throughout the Western Hemisphere rather than leaving the country vulnerable to hostile foreign governments. The Venezuela agreement represents one of the most ambitious attempts yet to put that strategy into practice.

The deal could also dramatically reshape Venezuela’s economic future. Its oil industry was once among the most important in the world, but years of economic decline and government mismanagement severely damaged production and discouraged foreign investment.

Bringing tens of billions of dollars in private capital back into the country could help restore production while giving American companies a significant role in rebuilding Venezuela’s energy infrastructure.

Trump is portraying the agreement as both an economic and geopolitical victory — increasing America’s oil supply, encouraging massive private investment, creating jobs and potentially pushing gasoline prices lower without requiring taxpayer funding.

If the development of the 65 billion barrels proceeds as planned, the agreement could become one of the largest energy arrangements ever undertaken in the Western Hemisphere. Trump says the ultimate beneficiaries will be American consumers, who he predicts will see substantially cheaper gasoline as the additional oil reaches the market.