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What U.S.-Venezuela Oil Deal Is — And Is Not
The agreement is a long-term strategy to bolster U.S. energy security as production from greenfield acreage could take 7 to 10 years to start.
- On Friday, August 28, the U.S. and Venezuela announced a deal granting the U.S. control over a potential 65 billion barrels of proven reserves, immediately sparking speculation regarding the agreement's strategic motives.
- Officials describe the arrangement as a long-term play to replace imports from unfriendly nations with volumes from a geopolitically significant asset, with the U.S. securing a 100-year lease to bolster Western Hemisphere energy security.
- While the U.S. produces upwards of 20 million barrels of crude daily, domestic refining capacity remains persistently tight, and greenfield acreage involved in the deal will likely take 7 to 10 years to bring into production.
- The deal does not offer near-term impacts to lower gasoline prices or replace crude imports from China-friendly Canada, nor will oil prices immediately plummet to $60 per barrel as a result.
- With U.S. shale production expected to eventually peak and the domestic refining industry unable to sustain operating at 96% capacity indefinitely, this initiative addresses long-term supply sustainability and energy security risks.
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34 Articles
34 Articles
Real Clear PoliticsReposted by 
BizToc
BizTocTrump Takes the Oil in Venezuela
·Northbrook, United States
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He agreed to take control of 65 billion barrels of crude; duties would be for 100 years.
Trump just brokered a deal with the country sitting atop the world’s largest oil reserves
President Donald Trump's Venezuela oil deal gives the U.S. access to 65 billion barrels of crude and a path to refill the Strategic Petroleum Reserve amid rising gas prices.
·New York, United States
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JUST IN: President Trump posts that his generational 65 billion barrels of oil deal with Venezuela puts CANADA "ON NOTICE," along with OPEC
JUST IN: President Trump posts that his generational 65 billion barrels of oil deal with Venezuela puts CANADA "ON NOTICE," along with OPEC"REALIGNS global energy"Join @SGTnewsNetworkX (Twitter)▪️Truth Social
Coverage Details
Total News Sources34
Leaning Left1Leaning Right7Center3Last UpdatedBias Distribution64% Right
Bias Distribution
- 64% of the sources lean Right
64% Right
C 27%
R 64%
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