Trump announces deal with Venezuela to replenish U.S. oil reserves

August 30, 2026 – WASHINGTON, D.C. – President Donald J. Trump (R) has announced that Secretary of State Marco Rubio and Secretary of War Pete Hegseth have negotiated a deal with the Venezuelan interim President Delcy Rodriguez to supply the U.S. with oil allowing the USA to replenish its dangerously depleted strategic oil reserve.

The President announced on Truth Social:

"REAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" exclaimed President Trump on Truth Social. "At my direction, 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. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter."

Secretary of State Marco Rubio has publicly celebrated the deal as a "huge win for both the American and Venezuelan people."

Rubio explained that the deal will bring nearly $100 billion in private investment into Venezuela's economy, supporting thousands of high‑paying jobs and helping rebuild the country after years of collapse under corrupt communist dictators.

Venezuela and Cuba had ended a dangerous anti-American bloc in Latin America, the CIA and the Pentagon conspired with the Rodriguez family to forcibly remove Venezuelan dictator Nicolas Maduro 8 months ago. The shift in power in Latin America has meant that Venezuelan oil increasingly goes to the U.S. and our western allies rather than to China. Meanwhile Cuba, which had been heavily subsidized by the corrupt Maduro regime, is facing an oil blockade that has brought that communist government to the edge of economic collapse.

The U.S. maintains a strategic oil reserve to avoid the sudden oil crises that hit the nation in the 1970s with the Arab oil embargo over the Nixon administration's support for Israel and then the fall of the Shah of Iran. The strategic oil reserve is available to make sure that American refineries have oil to process into fuel and other products needed by the American economy. Former President Joseph R. Biden (D) drew down the reserve to lessen gas prices in the post COVID economic recovery.

Fuel prices had fallen to below $2.50 a gallon across much of the country before the war with Iran and the resulting difficulty in getting middle eastern oil tankers through the disputed Strait of Hormuz. Any fuel disruption of the oil coming out of the Persian Gulf roils the oil markets and leads to higher gas prices ere at home.

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