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Fox on AAA gas prices and the 55 percent interest
Fox News · 2026-08-29
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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 to the oil ultimately produced by the 17 Venezuelan fields covered by the agreement. TRUMP PREDICTS GAS PRICES WILL GO DOWN TO $2.50 PER GALLON IF STRAIT OF HORMUZ FULLY OPENS The agreement also allows the U.S. to purchase Venezuelan oil at cost, a provision that could give American buyers access to cheaper crude once production from the fields increases. The deal is unlikely to translate into an immediate drop in U.S. gasoline prices, however, because experts have said bringing significantly more Venezuelan crude to market will require years of infrastructure work and billions of dollars in investment, according to the AP. Rystad Energy, an independent energy research firm, said in July that Venezuelan oil production could jump 17% by 2028, but only if significant advances are made. According to the firm's report, Venezuela will need \"higher drilling activity, extensive workover campaigns, improved infrastructure and significantly greater rig availability.\" Since much of Venezuela’s crude is heavy and viscous, the country also needs a steady supply of diluents — lighter hydrocarbons blended with the crude to make it thin enough to flow through pipelines and reach refineries and export terminals. In 2021, S&P Global described Venezuelan oil as having \"the viscosity of asphalt.\" TRUMP BLASTS BIG OIL FOR ‘MAKING TOO MUCH MONEY’ The U.S. Energy Information Administration has also previously weighed in on Venezuela's troubled oil industry. In October 2023, after the Biden administration lifted most U.S. sanctions on Venezuela's oil sector, the agency said \"years of underinvestment and mismanagement\" would limit growth. The Trump administration, however, is betting that U.S. involvement and a massive influx of private investment can reverse the decline. Trump said Friday the new agreement would greatly increase the U.S. oil supply and \"substantially lower Gas Prices for all Americans, long into the future.\" CLICK HERE TO DOWNLOAD THE FOX NEWS APP Secretary of State Marco Rubio similarly said the deal would bring nearly $100 billion in private investment to Venezuela and lower gas prices in the United States. U.S. oil companies have been cautious about investing in Venezuela, citing the country’s deteriorated infrastructure and uncertain business environment. Days after the Trump administration ousted Nicolás Maduro, Trump met with oil executives to discuss potential investment in Venezuela’s energy sector, but several expressed reservations. ExxonMobil CEO Darren Woods said at the time that he viewed Venezuela as \"un-investable.\" The Associated Press contributed to this report.","speakable":{"@type":"SpeakableSpecification","xpath":["/html/head/title","/html/body//h1"]},"url":"https://www.foxnews.com/politics/trump-touts-access-65-billion-barrels-venezuelan-oil-deal-he-says-slash-gas-prices","keywords":["donald trump","energy in america","venezuelan political crisis"],"author":{"@id":"https://www.foxnews.com/person/c/james-cirrone#author","name":"James Cirrone","url":"https://www.foxnews.com/person/c/james-cirrone"},"hasPart":[{"@id":"https://www.foxnews.com/video/6360664094112#video"}]},{"@type":"ImageObject","@id":"https://www.foxnews.com/politics/trump-touts-access-65-billion-barrels-venezuelan-oil-deal-he-says-slash-gas-prices#primaryimage","url":"https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1280/720/donald-trump-oval-office-8.png?ve=1&tl=1","width":1280,"height":720,"caption":""},{"@type":"VideoObject","@id":"https://www.foxnews.com/video/6360664094112#video","name":"Trump touts access to 65 billion barrels of Venezuelan oil in deal he says will slash gas prices","description":"The Trump administration is touting the oil deal with Venezuela as a way to lower gasoline prices, which have been elevated since the Iran war broke out.","thumbnailUrl":"https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1280/720/donald-trump-oval-office-8.png?ve=1&tl=1","uploadDate":"2026-05-23T19:30:11Z","duration":"PT2M38S","publisher":{"@id":"https://www.foxnews.com/#organization"},"contentUrl":"https://www.foxnews.com/video/6360664094112","embedUrl":"http://vod.foxnews.com/media/v1/pmp4/static/clear/694940094001/b9652c42-35a1-467e-985e-a7ea21fe48bd/bceed3d8-d11e-44ce-b9eb-da16857cd97a/main.mp4","mainEntityOfPage":{"@id":"https://www.foxnews.com/politics/trump-touts-access-65-billion-barrels-venezuelan-oil-deal-he-says-slash-gas-prices#webpage"}},{"@type":"Person","@id":"https://www.foxnews.com/person/c/james-cirrone#author","name":"James Cirrone","url":"https://www.foxnews.com/person/c/james-cirrone"}]}</script><script data-n-head="ssr" src="//static.foxnews.com/static/orion/scripts/core/pages/articles.new/loader.js"></script><link rel="preload" href="/_wzln/733b6c1.js" as="script"><link rel="preload" href="/_wzln/ebfaf07.js" as="script"><link rel="preload" href="/_wzln/8c957d8.js" as="script"><link rel="preload" href="/_wzln/05d3295.js" as="script"><style data-vue-ssr-id="0c5ad7ec:0">.video-player[data-v-7b1896ea]{width:100%;height:100%}</style>
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Check out what's clicking on FoxNews.com.</p></div></div></div></div> <div id="beyondwords-wrapper" data-layout-index="5" class="beyondwords-wrapper"><div class="info"><span class="label-bg">NEW</span>You can now listen to Fox News articles!
</div></div><p data-layout-index="5" class="speakable">President <a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334143" href="https://www.foxnews.com/category/person/donald-trump" target="_blank" rel="noopener">Donald Trump</a> 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.</p><div data-layout-index="5" class="ad-container tablet ad-h-50 ad-w-300"><div data-iu="lb2" id="tablet-tw-ad-lb2" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5" class="speakable">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 <a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334144" href="https://gasprices.aaa.com/" target="_blank" rel="nofollow noopener">AAA</a>.</p><p data-layout-index="5">The agreement with <a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334145" href="https://www.foxnews.com/category/topic/venezuelan-political-crisis" target="_blank" rel="noopener">Venezuela</a> 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.</p><div data-layout-index="5" class="ad-container desktop ad-h-50 ad-w-300"><div data-iu="lb2" id="desktop-desk-ad-lb2" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5">While the <a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334146" href="https://www.foxnews.com/us" target="_blank" rel="noopener">U.S.</a> will not immediately gain access to 35.75 billion barrels of oil, the 55% interest applies to the oil ultimately produced by the 17 Venezuelan fields covered by the agreement.</p><div data-layout-index="5" class="image-ct inline"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/343/192/oil-pumping-venezuela.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/686/384/oil-pumping-venezuela.png?ve=1&tl=1 2x" height="192" width="343"><source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/672/378/oil-pumping-venezuela.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1344/756/oil-pumping-venezuela.png?ve=1&tl=1 2x" height="378" width="672"><source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/931/523/oil-pumping-venezuela.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1862/1046/oil-pumping-venezuela.png?ve=1&tl=1 2x" height="523" width="931"><source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/720/405/oil-pumping-venezuela.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1440/810/oil-pumping-venezuela.png?ve=1&tl=1 2x" height="405" width="720"> <img src="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1200/675/oil-pumping-venezuela.png?ve=1&tl=1" alt="Oil pumping hammers in Venezuela" width="1200" height="675"></picture></div> <div class="info"><div class="caption"><p><span>Oil pumping hammers in an oil field in Lagunillas, Zulia, Venezuela, April 28, 2026.</span> <span>(Jose Bula Urrutia/UCG/Universal Images Group via Getty Images)</span></p></div></div></div><div data-layout-index="5" class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban2" id="mobile-mw-ad-ban2" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5">The agreement also allows the U.S. to purchase Venezuelan oil at cost, a provision that could give American buyers access to cheaper crude once production from the fields increases.</p><p data-layout-index="5">The deal is unlikely to translate into an immediate drop in <a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334148" href="https://www.foxbusiness.com/category/gas-prices" target="_blank" rel="noopener">U.S. gasoline prices</a>, however, because experts have said bringing significantly more Venezuelan crude to market will require years of infrastructure work and billions of dollars in investment, according to the AP.</p><div data-layout-index="5" class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban3" id="mobile-mw-ad-ban3" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5">Rystad Energy, an independent energy research firm, <a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334149" href="https://www.rystadenergy.com/insights/venezuelas-upstream-revival-turning-policy-momentum-into-production-growth" target="_blank" rel="nofollow noopener">said in July</a> that Venezuelan oil production could jump 17% by 2028, but only if significant advances are made.</p><p data-layout-index="5">According to the firm's report, Venezuela will need "higher drilling activity, extensive workover campaigns, improved infrastructure and significantly greater rig availability."</p><div data-layout-index="5" class="ad-container tablet ad-h-50 ad-w-300"><div data-iu="lb4" id="tablet-tw-ad-lb4" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5">Since much of Venezuela’s crude is heavy and viscous, the country also needs a steady supply of diluents — lighter hydrocarbons blended with the crude to make it thin enough to flow through pipelines and reach refineries and export terminals.</p><div data-layout-index="5" class="ad-container desktop ad-h-50 ad-w-300"><div data-iu="lb3" id="desktop-desk-ad-lb3" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5">In 2021, <a href="https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/083121-venezuela-data-august-average-crude-production-declines-to-520000-bd?" target="_blank" rel="nofollow noopener">S&P Global</a> described Venezuelan oil as having "the viscosity of asphalt."</p><div data-layout-index="5" class="image-ct inline"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/343/192/gas-pump-virginia.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/686/384/gas-pump-virginia.png?ve=1&tl=1 2x" height="192" width="343"><source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/672/378/gas-pump-virginia.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1344/756/gas-pump-virginia.png?ve=1&tl=1 2x" height="378" width="672"><source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/931/523/gas-pump-virginia.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1862/1046/gas-pump-virginia.png?ve=1&tl=1 2x" height="523" width="931"><source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/720/405/gas-pump-virginia.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1440/810/gas-pump-virginia.png?ve=1&tl=1 2x" height="405" width="720"> <img src="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1200/675/gas-pump-virginia.png?ve=1&tl=1" alt="Virginia gas prices" width="1200" height="675"></picture></div> <div class="info"><div class="caption"><p><span>Gas prices at a gas pump at an Exxon Gas Station in Falls Church, Va., Aug. 24, 2026.</span> <span>(Saul Loeb/AFP via Getty Images)</span></p></div></div></div><p data-layout-index="5"><a data-omtr-intcmp="fnc_politics_article_main-content_article-body_6_23334151" href="https://www.foxbusiness.com/energy/trump-blasts-big-oil-making-too-much-money" target="_blank" rel="noopener"><strong>TRUMP BLASTS BIG OIL FOR ‘MAKING TOO MUCH MONEY’</strong></a></p><p data-layout-index="5">The U.S. Energy Information Administration has also previously weighed in on Venezuela's troubled oil industry.</p><div data-layout-index="5" class="ad-container tablet ad-h-50 ad-w-300"><div data-iu="lb5" id="tablet-tw-ad-lb5" class="ad gam"></div> <script>
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</script></div><p data-layout-index="5">In October 2023, after the Biden administration lifted most U.S. sanctions on Venezuela's oil sector, the agency said "years of underinvestment and mismanagement" would limit growth.</p><p data-layout-index="5">The Trump administration, however, is betting that U.S. involvement and a massive influx of private investment can reverse the decline.</p><p data-layout-index="5">Trump said Friday the new agreement would greatly increase the U.S. oil supply and "substantially lower Gas Prices for all Americans, long into the future."</p><div data-layout-index="5" class="image-ct inline"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/343/192/donald-trump-oval-office-8.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/686/384/donald-trump-oval-office-8.png?ve=1&tl=1 2x" height="192" width="343"><source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/672/378/donald-trump-oval-office-8.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1344/756/donald-trump-oval-office-8.png?ve=1&tl=1 2x" height="378" width="672"><source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/931/523/donald-trump-oval-office-8.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1862/1046/donald-trump-oval-office-8.png?ve=1&tl=1 2x" height="523" width="931"><source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/720/405/donald-trump-oval-office-8.png?ve=1&tl=1, https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1440/810/donald-trump-oval-office-8.png?ve=1&tl=1 2x" height="405" width="720"> <img src="https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2026/08/1200/675/donald-trump-oval-office-8.png?ve=1&tl=1" alt="President Donald Trump in the Oval Office" width="1200" height="675"></picture></div> <div class="info"><div class="caption"><p><span>President Donald Trump in the Oval Office of the White House in Washington, D.C. Aug. 27, 2026. Trump said U.S. gas prices will decrease in the future.</span> <span>(Al Drago/The Washington Post/Bloomberg via Getty Images)</span></p></div></div></div><div data-layout-index="5" class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban6" id="mobile-mw-ad-ban6" class="ad gam"></div> <script>
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College Football" href="//www.foxnews.com/category/sports/ncaa-fb" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_7_college-football" class="more-subsection-link"><span>College Football</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - Watch College Football Games Live" href="https://www.fox.com/sports/football/college-football?cmpid=org=one::ag=owned_other::mc=referral::src=fts::cmp=10010131001::add=6101i" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_8_watch-college-football-games-live" class="more-subsection-link"><span>Watch College Football Games Live</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - MLB" href="//www.foxnews.com/category/sports/mlb" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_9_mlb" class="more-subsection-link"><span>MLB</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - NASCAR" href="//www.foxnews.com/category/auto/nascar" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_10_nascar" class="more-subsection-link"><span>NASCAR</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - NBA" href="//www.foxnews.com/category/sports/nba" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_11_nba" class="more-subsection-link"><span>NBA</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - NHL" href="//www.foxnews.com/category/sports/nhl" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_12_nhl" class="more-subsection-link"><span>NHL</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - Golf" href="//www.foxnews.com/category/sports/golf" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_13_golf" class="more-subsection-link"><span>Golf</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - Tennis" href="//www.foxnews.com/category/sports/tennis" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_14_tennis" class="more-subsection-link"><span>Tennis</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - UFC" href="//www.foxnews.com/category/sports/ufc" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_15_ufc" class="more-subsection-link"><span>UFC</span></a></li><li class="more-subsection-item"><a aria-label="OutKick - WWE" href="//www.foxnews.com/category/organization/wwe" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_outkick_1_16_wwe" class="more-subsection-link"><span>WWE</span></a></li></ul></li><li aria-label="Lifestyle" class="more-section-item more-section-dropdown"><h4 class="more-section-item-title"><a aria-label="Lifestyle" href="//www.foxnews.com/lifestyle" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_1_8_lifestyle" class="more-section-link">
Lifestyle
</a></h4> <!----> <ul class="more-subsection"><li class="more-subsection-item"><a aria-label="Lifestyle - Travel" href="//www.foxnews.com/travel" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_lifestyle_1_1_travel" class="more-subsection-link"><span>Travel</span></a></li><li class="more-subsection-item"><a aria-label="Lifestyle - Food & Drink" href="//www.foxnews.com/food-drink" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_lifestyle_1_2_food-and-drink" class="more-subsection-link"><span>Food & Drink</span></a></li><li class="more-subsection-item"><a aria-label="Lifestyle - Faith" href="//www.foxnews.com/faith-values" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_lifestyle_1_3_faith" class="more-subsection-link"><span>Faith</span></a></li><li class="more-subsection-item"><a aria-label="Lifestyle - Discovery" href="//www.foxnews.com/category/science/archaeology" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_lifestyle_1_4_discovery" class="more-subsection-link"><span>Discovery</span></a></li><li class="more-subsection-item"><a aria-label="Lifestyle - Games & Quizzes" href="//www.foxnews.com/games" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_lifestyle_1_5_games-and-quizzes" class="more-subsection-link"><span>Games & Quizzes</span></a></li></ul></li><li aria-label="Health" class="more-section-item more-section-dropdown"><h4 class="more-section-item-title"><a aria-label="Health" href="//www.foxnews.com/health" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_1_9_health" class="more-section-link">
Health
</a></h4> <!----> <ul class="more-subsection"><li class="more-subsection-item"><a aria-label="Health - Longevity" href="//www.foxnews.com/category/health/healthy-living/longevity" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_1_longevity" class="more-subsection-link"><span>Longevity</span></a></li><li class="more-subsection-item"><a aria-label="Health - Brain Health" href="//www.foxnews.com/category/health/brain-health" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_2_brain-health" class="more-subsection-link"><span>Brain Health</span></a></li><li class="more-subsection-item"><a aria-label="Health - Weight Loss" href="//www.foxnews.com/category/health/nutrition-and-fitness/weight-loss" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_3_weight-loss" class="more-subsection-link"><span>Weight Loss</span></a></li><li class="more-subsection-item"><a aria-label="Health - Sleep Health" href="//www.foxnews.com/category/health/sleep-disorders" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_4_sleep-health" class="more-subsection-link"><span>Sleep Health</span></a></li><li class="more-subsection-item"><a aria-label="Health - Cancer News" href="//www.foxnews.com/category/health/cancer" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_5_cancer-news" class="more-subsection-link"><span>Cancer News</span></a></li><li class="more-subsection-item"><a aria-label="Health - Mental Health" href="//www.foxnews.com/category/health/mental-health" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_6_mental-health" class="more-subsection-link"><span>Mental Health</span></a></li><li class="more-subsection-item"><a aria-label="Health - Heart Health" href="//www.foxnews.com/category/health/heart-health" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_7_heart-health" class="more-subsection-link"><span>Heart Health</span></a></li><li class="more-subsection-item"><a aria-label="Health - Healthy Living" href="//www.foxnews.com/category/health/healthy-living" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_health_1_8_healthy-living" class="more-subsection-link"><span>Healthy Living</span></a></li></ul></li><li aria-label="Deals" class="more-section-item more-section-dropdown"><h4 class="more-section-item-title"><a aria-label="Deals" href="//www.foxnews.com/deals" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_1_10_deals" class="more-section-link">
Deals
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FOX Business
</a></h4> <!----> <ul class="more-subsection"><li class="more-subsection-item"><a aria-label="FOX Business - Personal Finance" href="https://www.foxbusiness.com/personal-finance" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_1_personal-finance" class="more-subsection-link"><span>Personal Finance</span></a></li><li class="more-subsection-item"><a aria-label="FOX Business - Economy" href="https://www.foxbusiness.com/economy" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_2_economy" class="more-subsection-link"><span>Economy</span></a></li><li class="more-subsection-item"><a aria-label="FOX Business - Markets" href="https://www.foxbusiness.com/markets" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_3_markets" class="more-subsection-link"><span>Markets</span></a></li><li class="more-subsection-item"><a aria-label="FOX Business - Watchlist" href="https://www.foxbusiness.com/watchlist" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_4_watchlist" class="more-subsection-link"><span>Watchlist</span></a></li><li class="more-subsection-item"><a aria-label="FOX Business - Lifestyle" href="https://www.foxbusiness.com/lifestyle" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_5_lifestyle" class="more-subsection-link"><span>Lifestyle</span></a></li><li class="more-subsection-item"><a aria-label="FOX Business - Real Estate" href="https://www.foxbusiness.com/real-estate" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_6_real-estate" class="more-subsection-link"><span>Real Estate</span></a></li><li class="more-subsection-item"><a aria-label="FOX Business - Tech" href="https://www.foxbusiness.com/technology" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_fox-business_1_7_tech" class="more-subsection-link"><span>Tech</span></a></li></ul></li><li aria-label="Science & Tech" class="more-section-item more-section-dropdown"><h4 class="more-section-item-title"><a aria-label="Science & Tech" href="//www.foxnews.com/tech" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_1_12_science-and-tech" class="more-section-link">
Science & Tech
</a></h4> <!----> <ul class="more-subsection"><li class="more-subsection-item"><a aria-label="Science & Tech - Air & Space" href="//www.foxnews.com/category/science/air-and-space" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_1_air-and-space" class="more-subsection-link"><span>Air & Space</span></a></li><li class="more-subsection-item"><a aria-label="Science & Tech - Security" href="//www.foxnews.com/category/tech/topics/security" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_2_security" class="more-subsection-link"><span>Security</span></a></li><li class="more-subsection-item"><a aria-label="Science & Tech - Innovation" href="//www.foxnews.com/category/tech/topics/innovation" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_3_innovation" class="more-subsection-link"><span>Innovation</span></a></li><li class="more-subsection-item"><a aria-label="Science & Tech - Video Games" href="//www.foxnews.com/category/tech/topics/video-games" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_4_video-games" class="more-subsection-link"><span>Video Games</span></a></li><li class="more-subsection-item"><a aria-label="Science & Tech - Military Tech" href="//www.foxnews.com/category/tech/topics/military-tech" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_5_military-tech" class="more-subsection-link"><span>Military Tech</span></a></li><li class="more-subsection-item"><a aria-label="Science & Tech - Planet Earth" href="//www.foxnews.com/category/science/planet-earth" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_6_planet-earth" class="more-subsection-link"><span>Planet Earth</span></a></li><li class="more-subsection-item"><a aria-label="Science & Tech - Wild Nature" href="//www.foxnews.com/category/science/wild-nature" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_science-and-tech_1_7_wild-nature" class="more-subsection-link"><span>Wild Nature</span></a></li></ul></li><li aria-label="Games" class="more-section-item more-section-dropdown"><h4 class="more-section-item-title"><a aria-label="Games" href="//www.foxnews.com/games" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_1_13_games" class="more-section-link">
Games
</a></h4> <!----> <ul class="more-subsection"><li class="more-subsection-item"><a aria-label="Games - Scattergories Daily" href="//www.foxnews.com/games/scattergories-daily" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_1_scattergories-daily" class="more-subsection-link"><span>Scattergories Daily</span></a></li><li class="more-subsection-item"><a aria-label="Games - 5 Across the Letter Word Game" href="//www.foxnews.com/games/5-across-word-game" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_2_5-across-the-letter-word-game" class="more-subsection-link"><span>5 Across the Letter Word Game</span></a></li><li class="more-subsection-item"><a aria-label="Games - Downwords" href="//www.foxnews.com/games/lil-snack-downwords" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_3_downwords" class="more-subsection-link"><span>Downwords</span></a></li><li class="more-subsection-item"><a aria-label="Games - Sudoku" href="//www.foxnews.com/games/sudoku" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_4_sudoku" class="more-subsection-link"><span>Sudoku</span></a></li><li class="more-subsection-item"><a aria-label="Games - Word Swap" href="//www.foxnews.com/games/lil-snack-word-swap" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_5_word-swap" class="more-subsection-link"><span>Word Swap</span></a></li><li class="more-subsection-item"><a aria-label="Games - Word Search" href="//www.foxnews.com/games/word-search" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_6_word-search" class="more-subsection-link"><span>Word Search</span></a></li><li class="more-subsection-item"><a aria-label="Games - Icon Match" href="//www.foxnews.com/games/icon-match-puzzle" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_7_icon-match" class="more-subsection-link"><span>Icon Match</span></a></li><li class="more-subsection-item"><a aria-label="Games - Daily Crossword Puzzle" href="//www.foxnews.com/games/daily-crossword-puzzle" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_8_daily-crossword-puzzle" class="more-subsection-link"><span>Daily Crossword Puzzle</span></a></li><li class="more-subsection-item"><a aria-label="Games - Mini Crossword Puzzle" href="//www.foxnews.com/games/mini-crossword-puzzle" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_games_1_9_mini-crossword-puzzle" class="more-subsection-link"><span>Mini Crossword Puzzle</span></a></li></ul></li><li aria-label="Watch Live" class="more-section-item more-section-dropdown"><h4 class="more-section-item-title"><a aria-label="Watch Live" href="//www.foxnews.com/video/5614615980001" data-omtr-intcmp="fnc_politics_article_site-footer_bottomnav_1_14_watch-live" class="more-section-link">
Watch Live
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href=\"https:\u002F\u002Fwww.foxnews.com\u002Fcategory\u002Fperson\u002Fdonald-trump\" target=\"_blank\" rel=\"noopener\"\u003EDonald Trump\u003C\u002Fa\u003E 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."}},{is:e,props:{text:"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 \u003Ca href=\"https:\u002F\u002Fgasprices.aaa.com\u002F\" target=\"_blank\" rel=\"nofollow noopener\"\u003EAAA\u003C\u002Fa\u003E."}},{is:e,props:{text:"The agreement with \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fcategory\u002Ftopic\u002Fvenezuelan-political-crisis\" target=\"_blank\" rel=\"noopener\"\u003EVenezuela\u003C\u002Fa\u003E 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."}},{is:e,props:{text:"While the \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fus\" target=\"_blank\" rel=\"noopener\"\u003EU.S.\u003C\u002Fa\u003E will not immediately gain access to 35.75 billion barrels of oil, the 55% interest applies to the oil ultimately produced by the 17 Venezuelan fields covered by the agreement."}},{is:eg,props:{type:eh,caption:"Oil pumping hammers in an oil field in Lagunillas, Zulia, Venezuela, April 28, 2026.",imageAlt:"Oil pumping hammers in Venezuela",url:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1200\u002F675\u002Foil-pumping-venezuela.png?ve=1&tl=1",baseImage:"https:\u002F\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002Foil-pumping-venezuela.png",externalUrl:a,externalUrlRel:a,copyright:"Jose Bula Urrutia\u002FUCG\u002FUniversal Images Group via Getty Images",source:ei,isFeatured:b,isSpotlight:b,keepNaturalRatio:b,imageWidth:w,imageHeight:w,responsiveImages:[{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F343\u002F192\u002Foil-pumping-venezuela.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F686\u002F384\u002Foil-pumping-venezuela.png?ve=1&tl=1 2x",media:ej,width:ek,height:el},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F672\u002F378\u002Foil-pumping-venezuela.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1344\u002F756\u002Foil-pumping-venezuela.png?ve=1&tl=1 2x",media:em,width:en,height:eo},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F931\u002F523\u002Foil-pumping-venezuela.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1862\u002F1046\u002Foil-pumping-venezuela.png?ve=1&tl=1 2x",media:ep,width:eq,height:er},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F720\u002F405\u002Foil-pumping-venezuela.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1440\u002F810\u002Foil-pumping-venezuela.png?ve=1&tl=1 2x",media:es,width:x,height:et}]}},{is:e,props:{text:"\u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fvideo\u002F6402831260112\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003ETRUMP PREDICTS GAS PRICES WILL GO DOWN TO $2.50 PER GALLON IF STRAIT OF HORMUZ FULLY OPENS\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E"}},{is:e,props:{text:"The agreement also allows the U.S. to purchase Venezuelan oil at cost, a provision that could give American buyers access to cheaper crude once production from the fields increases."}},{is:e,props:{text:"The deal is unlikely to translate into an immediate drop in \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Fgas-prices\" target=\"_blank\" rel=\"noopener\"\u003EU.S. gasoline prices\u003C\u002Fa\u003E, however, because experts have said bringing significantly more Venezuelan crude to market will require years of infrastructure work and billions of dollars in investment, according to the AP."}},{is:e,props:{text:"Rystad Energy, an independent energy research firm, \u003Ca href=\"https:\u002F\u002Fwww.rystadenergy.com\u002Finsights\u002Fvenezuelas-upstream-revival-turning-policy-momentum-into-production-growth\" target=\"_blank\" rel=\"nofollow noopener\"\u003Esaid in July\u003C\u002Fa\u003E that Venezuelan oil production could jump 17% by 2028, but only if significant advances are made."}},{is:e,props:{text:"According to the firm's report, Venezuela will need \"higher drilling activity, extensive workover campaigns, improved infrastructure and significantly greater rig availability.\""}},{is:e,props:{text:"Since much of Venezuela’s crude is heavy and viscous, the country also needs a steady supply of diluents — lighter hydrocarbons blended with the crude to make it thin enough to flow through pipelines and reach refineries and export terminals."}},{is:e,props:{text:"In 2021, \u003Ca href=\"https:\u002F\u002Fwww.spglobal.com\u002Fenergy\u002Fen\u002Fnews-research\u002Flatest-news\u002Fcrude-oil\u002F083121-venezuela-data-august-average-crude-production-declines-to-520000-bd?\" target=\"_blank\" rel=\"nofollow noopener\"\u003ES&P Global\u003C\u002Fa\u003E described Venezuelan oil as having \"the viscosity of asphalt.\""}},{is:eg,props:{type:eh,caption:"Gas prices at a gas pump at an Exxon Gas Station in Falls Church, Va., Aug. 24, 2026.",imageAlt:"Virginia gas prices",url:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1200\u002F675\u002Fgas-pump-virginia.png?ve=1&tl=1",baseImage:"https:\u002F\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002Fgas-pump-virginia.png",externalUrl:a,externalUrlRel:a,copyright:"Saul Loeb\u002FAFP via Getty Images",source:ei,isFeatured:b,isSpotlight:b,keepNaturalRatio:b,imageWidth:w,imageHeight:w,responsiveImages:[{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F343\u002F192\u002Fgas-pump-virginia.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F686\u002F384\u002Fgas-pump-virginia.png?ve=1&tl=1 2x",media:ej,width:ek,height:el},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F672\u002F378\u002Fgas-pump-virginia.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1344\u002F756\u002Fgas-pump-virginia.png?ve=1&tl=1 2x",media:em,width:en,height:eo},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F931\u002F523\u002Fgas-pump-virginia.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1862\u002F1046\u002Fgas-pump-virginia.png?ve=1&tl=1 2x",media:ep,width:eq,height:er},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F720\u002F405\u002Fgas-pump-virginia.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1440\u002F810\u002Fgas-pump-virginia.png?ve=1&tl=1 2x",media:es,width:x,height:et}]}},{is:e,props:{text:"\u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fenergy\u002Ftrump-blasts-big-oil-making-too-much-money\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003ETRUMP BLASTS BIG OIL FOR ‘MAKING TOO MUCH MONEY’\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E"}},{is:e,props:{text:"The U.S. Energy Information Administration has also previously weighed in on Venezuela's troubled oil industry."}},{is:e,props:{text:"In October 2023, after the Biden administration lifted most U.S. sanctions on Venezuela's oil sector, the agency said \"years of underinvestment and mismanagement\" would limit growth."}},{is:e,props:{text:"The Trump administration, however, is betting that U.S. involvement and a massive influx of private investment can reverse the decline."}},{is:e,props:{text:"Trump said Friday the new agreement would greatly increase the U.S. oil supply and \"substantially lower Gas Prices for all Americans, long into the future.\""}},{is:eg,props:{type:eh,caption:"President Donald Trump in the Oval Office of the White House in Washington, D.C. Aug. 27, 2026. Trump said U.S. gas prices will decrease in the future.",imageAlt:ab,url:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1200\u002F675\u002Fdonald-trump-oval-office-8.png?ve=1&tl=1",baseImage:p,externalUrl:a,externalUrlRel:a,copyright:ac,source:ei,isFeatured:b,isSpotlight:b,keepNaturalRatio:b,imageWidth:w,imageHeight:w,responsiveImages:[{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F343\u002F192\u002Fdonald-trump-oval-office-8.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F686\u002F384\u002Fdonald-trump-oval-office-8.png?ve=1&tl=1 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2x",media:ep,width:eq,height:er},{src:"https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F720\u002F405\u002Fdonald-trump-oval-office-8.png?ve=1&tl=1, https:\u002F\u002Fa57.foxnews.com\u002Fstatic.foxnews.com\u002Ffoxnews.com\u002Fcontent\u002Fuploads\u002F2026\u002F08\u002F1440\u002F810\u002Fdonald-trump-oval-office-8.png?ve=1&tl=1 2x",media:es,width:x,height:et}]}},{is:e,props:{text:"\u003Ca href=\"https:\u002F\u002Ffoxnews.onelink.me\u002FxLDS?pid=AppArticleLink&af_dp=foxnewsaf%3A%2F%2F&af_web_dp=https%3A%2F%2Fwww.foxnews.com%2Fapps-products\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003ECLICK HERE TO DOWNLOAD THE FOX NEWS APP\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E"}},{is:e,props:{text:"Secretary of State \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fcategory\u002Fperson\u002Fmarco-rubio\" target=\"_blank\" rel=\"noopener\"\u003EMarco Rubio\u003C\u002Fa\u003E similarly said the deal would bring nearly $100 billion in private investment to Venezuela and lower gas prices in the United States."}},{is:e,props:{text:"U.S. oil companies have been cautious about investing in Venezuela, citing the country’s deteriorated infrastructure and uncertain business environment."}},{is:e,props:{text:"Days after the Trump administration ousted \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fcategory\u002Fperson\u002Fnicolas-maduro\" target=\"_blank\" rel=\"noopener\"\u003ENicolás Maduro\u003C\u002Fa\u003E, Trump met with oil executives to discuss potential investment in Venezuela’s energy sector, but several expressed reservations."}},{is:e,props:{text:"ExxonMobil CEO Darren Woods said at the time that he viewed Venezuela as \"un-investable.\""}},{is:e,props:{text:"\u003Ci\u003EThe Associated Press contributed to this report.\u003C\u002Fi\u003E"}}],title:g,canonical_url:gx,article_slug:d$,vanity_slugs:[],presentation_type:O,fn__syndication_info:[],fn__stock_ticker_symbols:a,post_version:1051648,component_type:"news_article",content_type:"spark_post",fn__site_search:c,stocks:[],video_spark_ids:[al],meta:{chartbeat:{title:g,viewID:eu,section:r,authors:[q]},segment:{title:g,page_content_type:ef,page_content_type_of_story:gw}},isAMP:b,originalCanonical_url:eu,header:{headline:g,subHeadline:gv,authors:[{metaDescription:a,metaTitle:a,customCanonicalUrl:a,customH1Headline:a,reciprocalLink:a,shortBio:dY,firstName:gq,middleInitial:a,lastName:gr,personalityName:a,prefix:a,suffix:a,role:gs,jobTitle:gt,mediaTags:[],thumbnail:" ",highResolutionImage:d,blogUrls:[],companyName:a,social:{},fullBioUrl:a,googlePlusUrl:a,linkedinurl:a,showPageUrl:a,personFoxNationUrl:a,personUri:a,tagboardId:a,foxipediaId:a,gracenoteId:a,bannerImage:d,colors:{primary:a},relevance:a,fnTags:[],wpTags:[],tags:[],vanityUrls:[],shortUrls:[a],canonicalUrl:dX,id:ad,sparkId:ad,uuidv5:ad,fnType:go,lastModifiedDate:gA,lastPublishedDate:ev,createdDate:ev,publicationDate:ev,originationStation:a,originationModifiedDate:gA,wpOrigin:{source:o,site:m,environment:n,blog_id:i,post_id:7342525,post_type:"person",post_status:s},postStatus:s,published:c,personId:gp,nameId:dW,vanitySlugs:[],title:q,fullName:q,fullBio:[{content:{alignment:"left",format:"html",text:"\u003Cp\u003EJames Cirrone is a writer on the Breaking\u002FTrending News team at Fox News Digital.\u003Cbr\u003E\u003Cbr\u003EBefore joining Fox in 2026, James worked as a reporter at the Daily Mail, where he covered \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fcategory\u002Fcrime\" target=\"_blank\" rel=\"noopener\"\u003Ecrime\u003C\u002Fa\u003E, \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fpersonal-finance\" target=\"_blank\" rel=\"noopener\"\u003Epersonal finance\u003C\u002Fa\u003E and national \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fpolitics\" target=\"_blank\" rel=\"noopener\"\u003Epolitics\u003C\u002Fa\u003E. In 2023, he was a breaking news reporter at \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Fcryptocurrency\" target=\"_blank\" rel=\"noopener\"\u003Ecryptocurrency\u003C\u002Fa\u003E news outlet Blockworks. There, he covered the month-long fraud trial of FTX founder \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Fsam-bankman-fried\" target=\"_blank\" rel=\"noopener\"\u003ESam Bankman-Fried\u003C\u002Fa\u003E from federal court in Manhattan. Earlier in his career, he produced newsletters at Bloomberg.\u003Cbr\u003E\u003Cbr\u003EStory tips can be sent to james.cirrone@fox.com, or on X: @JamesCirrone\u003C\u002Fp\u003E"},content_type:"text"}],personSlug:dW,url:"\u002Fperson\u002Fc\u002Fjames-cirrone",name:q,timeSlot:w,description:dY,avatar:a}],source:{name:B,url:R},allowComments:c,publicationDate:af,modifiedDate:ae,lastPublishedDate:af,headerCategory:{name:u,url:W},category:{name:j,url:y},organizationName:B,organizationUrl:R},overlayType:O}},ampCSS:"\u002F*! updated; 09-04-2026 06:10 PM **\u002F:root,html[data-theme=light]{--background:#ffffff;--background-darker-1:#f6f8fa;--background-input-field:#ffffff;--thumb_background:#f4f4f4;--dek_background:#666666;--duration_background:#222222;--divider_color:#cccccc;--focused_border_color:#cccccc;--focused_container_box_shadow_color:rgba(0, 0, 0, 0.16);--container_box_shadow_color:rgba(0, 0, 0, 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Cirrone\",\"url\":\"https:\u002F\u002Fwww.foxnews.com\u002Fperson\u002Fc\u002Fjames-cirrone\"}},{\"@type\":\"NewsArticle\",\"@id\":\"https:\u002F\u002Fwww.foxnews.com\u002Fpolitics\u002Ftrump-touts-access-65-billion-barrels-venezuelan-oil-deal-he-says-slash-gas-prices#article\",\"headline\":\"Trump touts access to 65 billion barrels of Venezuelan oil in deal he says will slash gas prices\",\"image\":{\"@id\":\"https:\u002F\u002Fwww.foxnews.com\u002Fpolitics\u002Ftrump-touts-access-65-billion-barrels-venezuelan-oil-deal-he-says-slash-gas-prices#primaryimage\"},\"datePublished\":\"2026-08-29T14:01:33-04:00\",\"dateModified\":\"2026-08-29T14:01:33-04:00\",\"isAccessibleForFree\":true,\"publisher\":{\"@id\":\"https:\u002F\u002Fwww.foxnews.com\u002F#organization\"},\"description\":\"The Trump administration is touting the oil deal with Venezuela as a way to lower gasoline prices, which have been elevated since the Iran war broke out.\",\"articleSection\":\"politics\",\"mainEntityOfPage\":{\"@id\":\"https:\u002F\u002Fwww.foxnews.com\u002Fpolitics\u002Ftrump-touts-access-65-billion-barrels-venezuelan-oil-deal-he-says-slash-gas-prices#webpage\"},\"wordCount\":530,\"articleBody\":\"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 to the oil ultimately produced by the 17 Venezuelan fields covered by the agreement. TRUMP PREDICTS GAS PRICES WILL GO DOWN TO $2.50 PER GALLON IF STRAIT OF HORMUZ FULLY OPENS The agreement also allows the U.S. to purchase Venezuelan oil at cost, a provision that could give American buyers access to cheaper crude once production from the fields increases. The deal is unlikely to translate into an immediate drop in U.S. gasoline prices, however, because experts have said bringing significantly more Venezuelan crude to market will require years of infrastructure work and billions of dollars in investment, according to the AP. Rystad Energy, an independent energy research firm, said in July that Venezuelan oil production could jump 17% by 2028, but only if significant advances are made. According to the firm's report, Venezuela will need \\\"higher drilling activity, extensive workover campaigns, improved infrastructure and significantly greater rig availability.\\\" Since much of Venezuela’s crude is heavy and viscous, the country also needs a steady supply of diluents — lighter hydrocarbons blended with the crude to make it thin enough to flow through pipelines and reach refineries and export terminals. In 2021, S&P Global described Venezuelan oil as having \\\"the viscosity of asphalt.\\\" TRUMP BLASTS BIG OIL FOR ‘MAKING TOO MUCH MONEY’ The U.S. Energy Information Administration has also previously weighed in on Venezuela's troubled oil industry. In October 2023, after the Biden administration lifted most U.S. sanctions on Venezuela's oil sector, the agency said \\\"years of underinvestment and mismanagement\\\" would limit growth. The Trump administration, however, is betting that U.S. involvement and a massive influx of private investment can reverse the decline. Trump said Friday the new agreement would greatly increase the U.S. oil supply and \\\"substantially lower Gas Prices for all Americans, long into the future.\\\" CLICK HERE TO DOWNLOAD THE FOX NEWS APP Secretary of State Marco Rubio similarly said the deal would bring nearly $100 billion in private investment to Venezuela and lower gas prices in the United States. U.S. oil companies have been cautious about investing in Venezuela, citing the country’s deteriorated infrastructure and uncertain business environment. Days after the Trump administration ousted Nicolás Maduro, Trump met with oil executives to discuss potential investment in Venezuela’s energy sector, but several expressed reservations. 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