Published Aug 29, 2026, 5:27 PM ET · Updated 2 months ago · 1 source

Venezuela oil deal unlikely to lower gas prices in the near term

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Original Report

President Trump announced a deal for the US to control 65 billion barrels of Venezuela's oil reserves, stating it would substantially lower gas prices. However, experts believe it will take years and billions of dollars to repair Venezuela's neglected oil infrastructure, making a near-term impact on gas prices unlikely.