The Trump administration promoted an oil agreement with Venezuela finalised by 2026-08-30, with an initial deal announcement followed by touting on 2026-08-31, aiming to increase Venezuelan output to 1.5 million barrels per day over 25 years. Economic experts questioned whether the deal would significantly lower US gas prices anytime soon, with details remaining unclear.
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The "historic" agreement is set to last for 25 years and will see Venezuela increase its output to 1.5 million barrels a day, but many important details remain unclear.
Donald Trump says oil from a recent deal with Venezuela will be used to replenish the US strategic reserve.
Opposition in Venezuela as interim leader insists the deal with Washington will help with the country's recovery.
President Trump said the U.S. will begin "topping out" its strategic petroleum reserve with Venezuelan oil under last week's agreement. But that's unlikely to provide much relief to Americans facing sustained high gas prices. Olivia Gazis has more details on the unprecedented agreement.
President Trump touted lower gas prices after last week's oil deal with Venezuela, but experts don't agree it will ease the cost for consumers anytime soon. Nancy Cordes reports.
Michael Noel, an economics professor at Texas Tech University, joins CBS News 24/7 to discuss the Trump administration's deal with Venezuela, and if it will actually provide any relief at the gas pump.
President Trump is downplaying concerns about a new oil reserve agreement with Venezuela that experts say could take years to get up and running. CBS News' Lilia Luciano has more.