Cabimas
\nPresident Donald Trump said Friday night the United States has reached an oil agreement with Venezuela, a move he said will \u201cmore than double\u201d American oil reserves, increase oil supply and lower gas prices.
\n\u201cAt 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,\u201d Trump wrote on social media.
\nTrump\u2019s emphasis on lowering American gas prices, almost two months before the US midterm elections, comes as the national average gas price sits at more than $4 a gallon.
\nThe Iran war has disrupted a fifth of the world\u2019s oil supply for six months, but it reached an inflection point in recent weeks: Billions of oil and fuel barrels in commercial stockpiles have vanished.
\nUS emergency reserves haven\u2019t been this small since the early 1980s, with bond market investors and voters running out of patience with high prices.
\n\u201cThis 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,\u201d Trump wrote in his post.
\nRodr\u00edguez also touted the agreement between the two countries.
\n\u201cOur goal is to move toward consolidating our position as an energy-producing power, putting our immense reserves at the service of national development, job creation, increased income for our workers, and the well-being of our people,\u201d she said in a statement Friday night.
\nA White House official told CNN the negotiated deal will grant the United States \u201c55% effective output of a new private joint venture that will be the second-largest private oil company by reserves in the world.\u201d
\nWith US support, the official said, Rodr\u00edguez granted a private company 100-year concessions for the oil fields. The official added the private company is a joint project of the US government and a private operator in Venezuela.
\n\u201cThe United States Government has secured more than half the value of this new oil giant, split between equity ownership and guaranteed at-cost off-take. As the company scales production, the resulting stable supply of at-cost oil in our Hemisphere will go toward filling the U.S. strategic petroleum reserve and fulfilling the supply needs of our Great U.S. Military,\u201d the official said.
\nRubio called the deal a \u201chuge win for both the American and Venezuelan people.\u201d
\n\u201cFor the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela\u2019s economy,\u201d Rubio said shortly after Trump\u2019s announcement.
\nAt the start of the year, the United States captured Venezuela\u2019s Nicol\u00e1s Maduro in a large-scale military operation, bringing the leader and his wife to New York to face criminal charges. After the military operation, Trump said American companies would work to rebuild Venezuela\u2019s oil industry.
\nIn January, Venezuelan lawmakers approved a law change, backed by Rodr\u00edguez, to make it easier for foreign companies to take part in the country\u2019s oil industry.
\nVenezuela has more proven oil reserves than any nation on the planet.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cabimas President Donald Trump said Friday night the United States has reached an oil agreement with Venezuela, a move he said will \u201cmore than double\u201d American oil reserves, increase oil supply and lower gas prices. \u201cAt my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim […]<\/p>\n","protected":false},"author":2,"featured_media":564629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-564660","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n