Gas pump relief looks to be just around the corner as President Donald Trump came to an agreement with a new ally on what he dubbed the “BIGGEST OIL DEAL IN WORLD HISTORY!”
A week ahead of Labor Day weekend and little more than two weeks before gas stations can officially begin switching to the less expensive winter blend, the impact of conflict in the Middle East has left many waiting for action on fuel prices. Friday, the administration delivered as the president announced a deal with Venezuela for majority control of more than 65 billion barrels of oil.
Taking to Truth Social, Trump credited the efforts of Secretary of State Marco Rubio, Secretary of War Pete Hegseth and Venezuela’s interim President Delcy Rodríguez working alongside private business in giving the U.S. majority control of “proven Oil Reserves in Venezuela, 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, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” continued the chief executive. “This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter.”
BREAKING: President Trump announces that the US and Venezuela have agreed to the “biggest oil deal in world history” that will secure majority U.S. control of more than 65 billion barrels of known oil reserves in Venezuela – at no cost to U.S. taxpayers. Says US oil reserves will… pic.twitter.com/wOxghaMZSZ
— Bill Melugin (@BillMelugin_) August 28, 2026
Adding his own commentary to the announcment, Rubio dubbed the deal a “huge win” for both nations as he said, “It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.”
“For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy,” added the cabinet official.
This deal is a huge win for both the American and Venezuelan people.
It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.
For the Venezuelan… https://t.co/SMSRYGWmVb
— Secretary Marco Rubio (@SecRubio) August 28, 2026
The president’s announcement comes weeks after the Strategic Petroleum Reserve fell below 300 million barrels for the first time since the early ’80s as a release driven by the ongoing conflict in the Middle East followed the Biden administration’s record release of nearly 200 million barrels ahead of the 2022 midterm elections when gas prices spiked to their highest recorded average.
It had been reported that the damage could have taken decades to undo.
Months after the arrest of Venezuelan dictator Nicolás Maduro, currently being held in a Brooklyn jail on charges that include alleged narco-terrorism conspiracy, Rodríguez spoke to national revival as she expressed her “deepest gratitude” to Trump, as well as Rubio and the rest of the government, “for their support in developing this agreement, which represents a historic milestone in bilateral relations between Venezuela and the U.S.”
“This agreement will allow for a significant increase in oil production with the participation of private operators,” she said while explaining, “It calls for the development of 17 strategic fields, with a proven potential of 65 billion barrels of oil, an investment of more than $100 billion, and more than $209 billion in taxes for the State. These investments will contribute not only to the recovery and modernization of our industry, but also to our country’s economic growth, the energy security of our hemisphere, and greater balance in international markets.”
Venezuela announces a historic agreement with the United States government, which will have a significant impact on our nation’s revival. pic.twitter.com/qi9Q9qO4d0
— Delcy Rodríguez (@delcyrodriguezv) August 29, 2026
