Trump touts access to 65 billion barrels of Venezuelan oil in deal he says will slash gas prices

This material may not be published, broadcast, rewritten, or redistributed.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. Fox News Flash top headlines are here. Check out what's clicking on FoxNews.com. President Donald Trump on Friday touted an agreement with Venezuela that he said would lower gas prices by giving the U.S. majority control over 65 billion barrels of oil from the South American country's proven reserves. The breakthrough comes as disruptions to global energy markets from the Iran war continue to push up prices at the pump, with Americans now paying an average of $4.08 per gallon for regular gasoline, up from $3.20 a year ago, according to AAA. The agreement with Venezuela will give the U.S. a 55% effective interest in the output of a new private company formed to manage the reserves, a U.S. official familiar with the deal told The Associated Press. While the U.S. will not immediately gain access to 35.75 billion barrels of oil, the 55% interest applies