On August 30–31, the Trump administration announced a deal giving the U.S. majority control over 65 billion barrels of Venezuela's proven oil reserves across 17 oil fields. Energy experts and media reports cautioned that development could take years and that gas prices would not drop soon.
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Developing the country’s vast oil reserves will require significant investment and infrastructure work—and officials have provided no public timeline.
The Trump administration announced a deal Friday to develop a vast amount of Venezuela's oil reserves, with the U.S. taking a majority stake. Energy experts say there are many reasons to be skeptical.
The deal involves developing 17 strategic oil fields in Venezuela, an undertaking that experts said could take years.
President Donald Trump announced Friday that the U.S. secured majority control over 65 billion barrels of Venezuela's proven oil reserves.
President Trump says a new oil reserve agreement with Venezuela will "substantially lower gas prices," but experts say it could be years before the operation is up and running. Chris Pilkerton, assistant secretary for investment security at the U.S. Treasury, joins to discuss the deal.