Trump admin turns Venezuela into major US oil supplier as global shipping crisis eases

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. Interior Secretary Doug Burgum discusses surging oil prices and US energy security. He praises President Trump's policies, emphasizing American energy dominance and the recent deal with Venezuela for oil and critical minerals. The Trump administration has turned Venezuela into a significant U.S. oil supplier, Interior Secretary Doug Burgum said Sunday, arguing the shift will help offset Middle East disruptions and ease pressure from the global shipping crisis. "[Venezuela] was a sanctioned adversary, and now they're a strategic ally with the largest reserves with no threat of the chokehold like we have in the Strait of Hormuz," Burgum told "The Sunday Briefing." "Venezuelan oil can flow to America freely and is starting to flow, will continue to flow, and these are the kinds of things that are going to bring gas prices down in America, because Presid