President Donald Trump has announced what he is calling “the biggest oil deal in world history,” a sweeping agreement that gives the United States majority control of more than 65 billion barrels of Venezuelan oil reserves. For American families who have endured high gas prices and a Strategic Petroleum Reserve at a 44-year low, this deal marks a major step toward restoring the nation’s energy strength and reducing reliance on hostile foreign suppliers for years to come.
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Under the agreement, announced the evening of Aug. 28, the U.S. government will form a joint venture with a private operator in Venezuela, securing long-term rights to some of the country’s most productive oil fields.
From The Epoch Times:
The U.S. government, in partnership with the “experienced private operator in Venezuela,” has secured 100-year concessions for oil fields with 65 billion barrels in proven reserves.
“This new entity will be the second-largest corporate holder of proven reserves [in the world] after Saudi Aramco,” the U.S. official said.
The U.S. government will control more than half of the new entity’s value through direct equity and guaranteed at-cost offtake, meaning discounted oil purchases.
President Trump said the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and interim Venezuelan President Delcy Rodríguez, and he emphasized that it comes “at no cost to the American taxpayer.” Trump has said the oil secured through this venture will be used to replenish the Strategic Petroleum Reserve, which fell to nearly 290 million barrels in late August, and to support the needs of the U.S. military. He criticized the previous administration for allowing the reserve to fall so low and called the arrangement a “gift” to the American people.
Beyond restoring the reserve, the deal strengthens American refiners in Houston that are equipped to process Venezuela’s heavy crude, and it gives Washington significant new leverage over global oil prices at a time when Americans continue to feel the strain at the pump. The agreement also comes as Venezuela may withdraw from OPEC, a move that could further weaken the cartel’s decades-long grip on world oil markets and give the United States even greater influence over global energy supply. For a nation that has spent years navigating foreign dependence and price volatility, this agreement represents a meaningful opportunity to secure America’s energy future on more favorable terms.
Scripture calls believers to pray for those in authority “that we may lead a quiet and peaceable life in all godliness and honesty” (1 Timothy 2:2). As President Trump and his administration work to secure this agreement and strengthen America’s energy independence, intercessors have a vital role to play in praying for wisdom, discernment, and integrity over every decision still ahead. Let us pray for President Trump, Secretary Rubio, and Secretary Hegseth to be protected from slander and to lead with honesty and clarity. Let us pray for God to guard America’s energy future, to bring real relief to American families through lower prices, and to bless this nation with strength, stability, and provision in the days ahead.
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(Excerpt from The Epoch Times. Photo Credit: oil pump by Zbynek Burival on Unsplash).
