A new oil agreement
President Donald Trump says the United States has reached a deal with Venezuela to take control of 65 billion barrels of oil reserves. He announced the agreement during a week when gas prices have spiked and midterm elections are approaching.
The president said the deal would help lower energy costs for American consumers. He described the arrangement as a way to secure oil supplies and push back on high fuel prices. Venezuela holds some of the largest oil reserves in the world, and Trump said the deal would put them to use.
Opposition raises questions
Venezuelan opposition leaders have pushed back against the reports. They say they were not consulted about giving the US a large stake in the country's oil and gas sector. Some critics worry the deal would strengthen the Maduro government rather than weaken it.
Analysts note that Venezuela's oil industry has declined for years. Sanctions, underinvestment, and aging equipment have cut production sharply. Any deal would require major investment to bring output back to high levels, and that investment carries real risk in a country with a long history of political turmoil.
What happens next
The terms of the deal have not been published. Venezuela's government has not confirmed the details. Legal and political hurdles remain, including US sanctions that would need to be lifted or changed before American companies can operate freely in the country.
Trump has also promised more pressure on Iran as part of his energy strategy. He has linked cheaper oil at home to stronger US action abroad. For now, the Venezuela agreement is a promise on paper, and its impact on gas prices is still unclear. Voters will watch closely as the midterms approach, with energy costs near the top of their concerns.