President Donald Trump announced on Friday that the United States had secured majority control over 65 billion barrels of Venezuela's proven oil reserves, according to CNBC. CNBC's reporting indicated the deal is not expected to lower gas prices in the near term.
Key facts
- President Trump announced the deal on Friday, according to CNBC.
- The US secured majority control over 65 billion barrels of Venezuela's proven oil reserves, per the announcement.
- CNBC framed its report around why the deal will not lower gas prices soon.
President Donald Trump announced on Friday that the United States had secured majority control over 65 billion barrels of Venezuela’s proven oil reserves, according to CNBC.
CNBC’s report was headlined around why the deal is not expected to lower gas prices anytime soon. The outlet did not, in the material available, detail the terms of the arrangement.
Further details of the agreement, including its terms and its practical effect on US energy supplies and consumer prices, were not available in the reporting reviewed. It is not yet clear how or when the arrangement would take effect.
Why it matters
Energy costs are a significant concern for households and a politically sensitive issue, so any announcement touching global oil supply draws attention. According to CNBC, securing access to reserves does not translate directly into lower prices at the pump.
Frequently asked questions
How much oil does the deal involve?
According to CNBC, the U.S. secured majority control over 65 billion barrels of Venezuela's proven oil reserves.
Will this lower gas prices soon?
No. Analysts cited by CNBC say the deal is unlikely to lower gas prices anytime soon.
When was the deal announced?
President Trump announced the deal on Friday, according to CNBC's reporting dated August 31, 2026.