President Donald Trump vows to fill up the Strategic Petroleum Reserve after making the ‘biggest oil deal in world history,’ he says
President Donald Trump has vowed to refill the nation’s Strategic Petroleum Reserve with Venezuelan oil after announcing what he called the “biggest oil deal in world history.”
Venezuelan oil
Trump said that oil secured through his new agreement with Venezuela would be used to replenish the emergency stockpile, while blaming former President Joe Biden for depleting it.
“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,” Trump wrote on Truth Social. “The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to the People of the United States.”
On Friday, August 28, Trump announced the agreement — which involves the Venezuelan government and private-sector partners — after claiming he secured access to more than 65 billion barrels of oil.
The president said the arrangement will come at “no cost to the American taxpayer.” He claimed it will more than double U.S. oil reserves and help bring down gasoline prices.
Donald Trump’s ‘historic’ deal
Trump had pushed for greater U.S. involvement in Venezuela’s oil industry after then-President Nicolás Maduro was taken into U.S. custody in January, arguing that developing the country’s massive reserves could increase global supply and reduce energy costs.
Venezuela’s interim President Delcy Rodriguez hailed the 25-year agreement as a “historic” deal that could help revive her country’s economy.
“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodriguez said. “That figure relates solely to the bilateral agreement between Venezuela and the United States.”
Rodriguez said the agreement could generate more than $200 billion in revenue for Venezuela without threatening its sovereignty over natural resources.
Marco Rubio defends Donald Trump’s ‘win’
Trump credited Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with helping negotiate the agreement alongside Rodriguez.
“This deal is a huge win for both the American and Venezuelan people,” Rubio wrote on X. “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.”