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Jewish News 24 · Aug 29, 2026

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President Donald Trump announced a sweeping oil deal with Venezuela, saying it will eventually lower gas prices for Americans. But experts immediately questioned how much the agreement actually means in the near term. The deal gives the United States a 55% effective share of oil produced from 17 Venezuelan fields containing about 65 billion barrels of proven reserves. But no full agreement has been released, and key details about financing, ownership and how quickly production could increase remain unclear. Venezuela’s battered oil infrastructure could require years and billions of dollars in investment before significantly more crude reaches the market. Experts therefore say the deal is unlikely to have much immediate impact on gasoline prices.

President Donald Trump announced a sweeping oil deal with Venezuela, saying it will eventually lower gas prices for Americans. But experts immediately questioned how much the agreement actually means in the near term. The deal gives the United States a 55% effective share of oil produced from 17 Venezuelan fields containing about 65 billion barrels of proven reserves. But no full agreement has been released, and key details about financing, ownership and how quickly production could increase remain unclear. Venezuela’s battered oil infrastructure could require years and billions of dollars in investment before significantly more crude reaches the market. Experts therefore say the deal is unlikely to have much immediate impact on gasoline prices.

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