Trump’s Venezuela Oil Deal: Why Your Gas Prices Won’t Drop

The Trump administration announced a deal on Friday to develop vast oil reserves in Venezuela, with the U.S. taking a majority stake. But energy experts say the agreement is unlikely to lower prices at the pump—and there are many reasons to be skeptical. The deal gives the U.S. significant control over Venezuela’s oil production, a move that could reshape global energy markets. However, analysts point to several hurdles, including ongoing U.S. sanctions, Venezuela’s crumbling infrastructure, and political instability. Even if production ramps up quickly, experts say the impact on global supply would be minimal in the short term. Oil prices are set globally, and any increase in supply would take years to influence U.S. gasoline prices. Additionally, the terms of the deal remain unclear, and previous attempts to revive Venezuela’s oil industry have failed. For now, consumers should not expect relief at the gas station.