President Trump aims to do THIS with Venezuelan oil deal
In a new statement, President Trump expanded upon his plans for the billions of barrels of Venezuelan oil as the U.S. faces an ongoing conflict with Iran.
by Summer Lane | August 31, 2026
President Donald Trump announced a deal last week with Venezuela aimed at bringing oil into the United States – an action that should help bolster domestic fuel supplies.
“One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied,” President Trump explained on Sunday, in a statement expanding upon the initial announcement of the deal.
“The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to the People of the United States,” he continued.
According to data from the Department of Energy, the current total inventory for the SPR is 286.6 million bbls (barrels). This is its lowest level in four decades. According to KCRA, the U.S. has authorized the release of more than 125 million barrels from the SPR since the war with Iran began in late February, drawing the inventory from 415.4 million bbls down to its current level.
The president initially announced the oil deal with Venezuela last Friday, revealing that the U.S. would take control of more than 65 billion barrels of oil reserves in Venezuela “at no cost to the American Taxpayer.”
President Trump said this transaction “MORE THAN DOUBLES American Oil Reserves” and would help lower gas prices for Americans.
Indeed, a 65-billion-barrel infusion of Venezuelan crude would bolster the SPR, for example, to around 65.29 billion bbls.
“It’s really nothing short of actually shifting the geopolitical center of the global energy markets away from these chokepoints like in the Middle East and moving it back to the Western Hemisphere,” said U.S. Interior Secretary Doug Burgum on Monday, discussing the Venezuelan deal on Fox Business.
He added, “So, on the larger strategic scale the Venezuelan deal is absolutely fantastic.”
The outlet revealed that the deal included 17 oil fields, a 55 percent effective U.S. stake, 100-year development rights, and a target for 1.5 million barrels per day.
Photo: Adobe Stock
