As my PJ Media colleague Sarah Anderson reported Friday night, President Donald Trump dropped one of the biggest energy announcements of his second term on Friday evening, revealing that the United States and Venezuela had signed what he called "the biggest oil deal in world history." The agreement hands America majority control over more than 65 billion barrels of Venezuela's proven oil reserves, and Trump wasted no time celebrating.
In a post on Truth Social, Trump said the agreement gives the United States majority control of more than 65 billion barrels of Venezuela's proven oil reserves, at no cost to American taxpayers. He said the deal more than doubles America's oil reserves, will substantially lower gas prices for Americans over time, and strengthens the relationship between Washington and Caracas. Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth with negotiating the agreement directly with Venezuelan Interim President Delcy Rodriguez, working alongside private business.
Rubio noted that the deal should be a huge boon to our economy.
"This deal is a huge win for both the American and Venezuelan people," Rubio wrote. "It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home. For 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's economy."
This deal comes as the war in Iran has squeezed global oil supply, and the Strategic Petroleum Reserve, the country's emergency stockpile, fell below the 300 million-barrel mark earlier this month, its lowest level in four decades. Joe Biden drained that reserve during his presidency to artificially lower gas prices ahead of the 2022 midterms and help the Democrats.
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This deal is a game changer on several levels. Venezuela holds the largest proven crude oil reserves on the planet, somewhere between 303 and 304 billion barrels, or roughly 19% of the entire global total. Locking down majority control of even a slice of that changes the math on America's energy security in a way few deals could. It also reduces U.S. dependence on Canadian heavy crude, giving Washington another lever to pull the next time prices spike.
So does this actually move the needle for voters?
That's the only question that matters nine weeks out from the midterms. Trump and Rubio are promising gas prices will drop substantially over time, and there's a real case for it: more supply, less reliance on hostile foreign partners, and a deal that reportedly costs American taxpayers nothing. Make no mistake about it, this is the kind of deal Trump was elected to make.
But oil deals don't lower prices at the pump overnight.
Refining, distribution, and global markets all take time to catch up to a new supply agreement, and nine weeks is not a lot of runway. Whether voters feel real relief at the gas station before November, or whether they simply hear about a deal they haven't yet benefited from, will determine how much credit Republicans actually get before the midterms.
If prices do fall in time, Democrats lose one of their most reliable midterm talking points.
Editor’s Note: The 2026 Midterms will determine the fate of President Trump’s America First agenda. Republicans must maintain control of both chambers of Congress.
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