Fact-Check: When Will Trump Deal with Venezuela Lower Gas Prices in the US?
Trump said the deal would boost U.S. oil supplies and cut gasoline prices, even as analysts noted reserves do not reach markets quickly.
- President Donald Trump announced last Friday that the United States reached "THE BIGGEST OIL DEAL IN WORLD HISTORY," claiming majority control over more than 65 billion barrels of Venezuela's proven oil reserves to substantially lower gasoline prices.
- With midterm elections looming, the administration targeted Venezuelan reserves to address high fuel costs, though experts note that structural deficits in refining capacity—not crude supply—are the primary factor keeping gasoline prices elevated.
- The Pentagon took a stake in North American Blue Energy Partners, while Chevron announced Wednesday it would double production in Venezuela, signing an agreement with the government of Delcy Rodriguez at the Miraflores Palace.
- To further address pump prices, the Environmental Protection Agency ended summer ethanol blending requirements and issued waivers for refiners, though the American Petroleum Institute warned these exemptions could create an unpredictable business environment.
- Energy analyst Al Salazar at Enverus Intelligence warned that substantial production increases will take years, noting that limited U.S. refinery capacity for heavy crude and potential constitutional challenges in Venezuela could undermine the administration's strategy.
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15 Articles
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It has been more than two months since President Donald Trump’s tentative ceasefire with Iran broke down, and gasoline prices are still high. With the midterm elections looming, the president seems to have turned his attention to the problem, rolling out a series of actions he says will secure more crude oil from Venezuela and exempt refineries from renewable fuel mandates. Most recently, he summoned refiners to the White House earlier this week…
Fact-check: When will Trump deal with Venezuela lower gas prices in the US?
President Donald Trump announced in an Aug. 28 social media post that he had struck a deal with Venezuela that "will substantially lower Gas Prices for all Americans, long into the future."
RELEASE: President Trump Secures the Biggest Oil Deal in World History
President Trump has secured the biggest oil deal in world history, delivering U.S. majority control of more than 65 billion barrels of proven oil reserves in Venezuela – vastly expanding our current U.S. territorial proven reserves of roughly 46 billion barrels. President Trump’s bold foreign policy is driving America First wins: this deal greatly increases America’s oil reserves, […]
Trump can't cure gasoline headache before crucial deadline: experts
"This story was originally published by Grist. Sign up for Grist's weekly newsletter here."It has been more than two months since President Donald Trump’s tentative ceasefire with Iran broke down, and gasoline prices are still high. With the midterm elections looming, the president seems to have turned his attention to the problem, rolling out a series of actions he says will secure more crude oil from Venezuela and exempt refineries from renewa…
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