US Secures Access to Venezuela's Massive Oil Reserves in Historic Deal

The United States has struck what President Trump calls the "greatest oil deal in world history," securing investment rights to Venezuela's vast petroleum reserves roughly eight months after President Nicolas Maduro was brought to the United States. Venezuela's acting president, Delcy Rodriguez, confirmed that US investors will pour more than $100 million into 17 new oil fields. The deal would give the US access to over 65 billion barrels of oil — which would more than double American reserves — and Trump claims it will lower gasoline prices for US consumers. Secretary of State Marco Rubio said the arrangement would generate $100 billion in private investment and create thousands of jobs in Venezuela. Rodriguez cited projected tax revenues of $209 billion for Venezuela. Analysts remain skeptical, noting that Venezuela's extra-heavy crude requires billions of dollars in processing infrastructure. The deal also comes as Trump's approval ratings fell following the US war with Iran, with midterm elections approaching in November.