CA, US & World
White House Details Venezuela Oil Deal as Gas Prices Remain High
The White House is revealing new details about a major oil deal with Venezuela as gas prices remain above $4 a gallon.
President Donald Trump says the agreement could eventually bring large amounts of Venezuelan crude to the United States for refining.
Under the deal, the U.S. would work with North American Blue Energy Partners, a private company owned by a Venezuelan businessman, to develop oil fields in Venezuela.
Venezuelan Acting President Delcy Rodríguez would give the company 100-year rights to 17 oil fields, while the Pentagon would receive a 35% ownership stake in the new company.
Trump says the deal could unlock what he describes as an enormous amount of previously dormant oil.
Critics, however, say Venezuela's oil infrastructure is badly underdeveloped and that it could take years to significantly increase production.
The Venezuelan businessman involved in the agreement says he plans to invest $100 billion in new infrastructure.
Some Republicans are also raising concerns about the arrangement, particularly the government's ownership stake.
Representative Dusty Johnson of South Dakota says he is still learning about the deal and is skeptical of government management of large enterprises.
Nebraska Representative Don Bacon says he has mixed feelings, saying government ownership of energy assets raises concerns.
Florida Representative Maria Salazar is also questioning whether Venezuela's acting president can be trusted.
The deal is not expected to have an immediate impact on gas prices, which are now more than a dollar higher than when the war with Iran began.
Trump acknowledges it won't be a quick fix, although he says he expects the process to move faster than analysts' estimates of two or three years.
The president also met Tuesday with U.S. oil refiners, reportedly to discuss expanding refining capacity.
Meanwhile, Trump is dealing with the expected resignation of Army Secretary Dan Driscoll, who is reportedly set to leave within days. Driscoll, an Iraq War veteran, has clashed with Defense Secretary Pete Hegseth over several issues.
By: NBC Palm Springs
September 1, 2026
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