On Friday, August 28, President Trump announced an agreement giving the United States majority control of more than 65 billion barrels of proven Venezuelan oil reserves, at no cost to the American taxpayer, in what he called the biggest oil deal in world history. Secretary of State Marco Rubio described it as a win for stable reserves and low-cost oil in the Western Hemisphere. On Saturday, Venezuelan interim President Delcy Rodríguez put numbers to it, a 25-year project developing 17 strategic oilfields with a production target of more than 1.5 million barrels per day, with nearly $100 billion in private investment flowing into the country and Venezuela receiving $19 for each barrel produced and sold to the United States.

The President said the agreement will substantially lower gas prices for all Americans, long into the future.

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