President Donald Trump has announced a “BIGGEST OIL DEAL IN WORLD HISTORY” with Venezuela, gaining majority control over 65 billion barrels of oil reserves at no cost to U.S. taxpayers. This agreement, coming amidst the ongoing war with Iran and soaring energy prices, is expected to more than double the U.S. oil reserve and significantly reduce gas prices for consumers ahead of the midterm elections.
In a groundbreaking announcement, President Donald Trump revealed on Friday that the United States has struck an unprecedented deal with Venezuela to secure majority control of over 65 billion barrels of oil reserves. Touted by Trump as "THE BIGGEST OIL DEAL IN WORLD HISTORY" in an evening social media post, the agreement comes at no cost to American taxpayers and is poised to reshape global energy dynamics.
The deal's significance is amplified by its timing, unfolding amidst a global crude trade roiled by the ongoing war with Iran. This strategic acquisition dramatically expands the U.S. oil reserve, effectively more than doubling its capacity. The announcement follows recent Department of Energy data revealing that the Strategic Petroleum Reserve had plummeted to lows not witnessed since the 1980s, highlighting the critical need for bolstering national oil security.
This diplomatic coup with Venezuela follows a U.S. attack on the South American nation earlier in January 2026, which saw the capture of then-President Nicolás Maduro and his wife, Cilia Flores. Trump indicated that U.S. officials collaborated with Venezuelan government leaders and unnamed private businesses to finalize the agreement.
"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States," Trump declared in his social media post, underscoring the broader geopolitical implications of the accord.
The announcement arrives as American consumers face mounting pressure from surging energy prices, a critical concern heading into the upcoming midterm elections that will determine the Republican party's hold on Washington. President Trump expressed confidence that the Venezuela deal would lead to a substantial reduction in prices at the pump. Currently, the average price of a gallon of gas nationwide stands at approximately $4.09, representing a staggering 27% increase year-over-year, according to AAA.
Despite a recent 4% dip this week — marking the first weekly loss in three — West Texas Intermediate (WTI) crude prices have surged over 24% since the commencement of the U.S. war with Iran. This conflict has severely disrupted transit through the Strait of Hormuz, a vital global chokepoint for crude shipments. Data from the International Monetary Fund's PortWatch tracker indicates a drastic reduction in daily ship crossings through Hormuz, down from around 100 a year ago to only a handful recently, exacerbating global supply concerns.
