Trump says Venezuelan oil will replenish Strategic Petroleum Reserves
President Donald Trump said on Sunday that Venezuelan oil will replenish the United States’s Strategic Petroleum Reserves after announcing a historic deal with the country on Friday.
“One of the things I am going to do with the Venezuela Oil is fill up the Strategic National Reserves,” Trump said, “which, because of Sleepy Joe Biden, has been virtually emptied. The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to the People of the United States.”
The U.S. assumed significant control of Venezuela after a military operation in January in which dictator Nicolas Maduro was captured by U.S. forces and brought to the U.S. The South American country, which is estimated to have the largest oil reserves in the world, saw its oil industry stagnate under Maduro’s socialist reign.
Trump’s announcement on Friday came as oil prices have remained high for months as a byproduct of disrupted global shipping through the Strait of Hormuz due to the conflict in Iran. Domestic gas prices have surfaced nationally as a roadblock for Republicans hoping to get elected in November’s midterm elections, which are almost two months away.
“At my direction,” Trump said in the announcement of the deal, “Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”
TRUMP ANNOUNCES MASSIVE OIL DEAL WITH VENEZUELA FOR OVER 65 BILLION BARRELS IN RESERVES
The Strategic Petroleum Reserve hit its lowest level in 44 years two weeks ago as the Trump administration continues to release crude oil to stabilize prices. The Trump administration has largely blamed former President Joe Biden for the depleted reserves, as he approved the release of almost 200 million barrels of crude oil after Russia invaded Ukraine in 2022.
“This Historic Transaction… greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump also said in the announcement. “This transaction will greatly strengthen the already growing relationship between Venezuela and the United States.”
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