“The United States did no cost, zero cost to American taxpayers, but we’re going to get massive amounts of discounted oil price and ownership interest.
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Eight Months After U.S. Troops Seized Maduro, Trump Announces "THE BIGGEST OIL DEAL IN WORLD HISTORY" — a 100-Year Lease on 65 Billion Barrels of Venezuelan Crude
August 29, 2026
On Friday, Aug. 28, 2026, President Trump announced on Truth Social that the United States had "secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer" — calling it "THE BIGGEST OIL DEAL IN WORLD HISTORY." As described by the administration, the arrangement covers 17 oil fields across Venezuela's main petroleum basins. A newly formed private company — the U.S. government partnering with a private operator the White House has not named — receives 100-year development rights. The United States takes what officials describe as 55 percent effective output, comprising an ownership stake plus the right to buy oil at cost, with the crude earmarked for the Strategic Petroleum Reserve and military use. The administration projects roughly $100 billion in private investment into Venezuela's oil industry and more than $209 billion in tax revenue for Caracas. Trump said the deal "more than doubles American oil reserves" and "will substantially lower gas prices for all Americans." Trump said the agreement was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim president Delcy Rodríguez, who called it a "historic milestone in bilateral relations." Rubio called it "a huge win for both the American and Venezuelan people." The announcement lands roughly eight months after the January 2026 U.S. military operation that captured Nicolás Maduro and flew him to the United States to face narcoterrorism charges — an operation Congress never authorized, and one Democrats had argued from the start was about oil. Their reaction on Friday was to say the deal proved the point. Sen. Chris Van Hollen wrote that "this isn't a win," calling it "proof Trump put our service members at risk to get Venezuelan oil for his billionaire buddies." Sen. Tim Kaine, of the Foreign Relations Committee, said "Using our troops for a private oil grab is corruption at epic scale!" Republicans framed it as vindication: Sen. Bernie Moreno said that "if it were up to DC Democrats, Maduro would still be in power." Neither Trump nor Rubio disclosed specifics of the arrangement — the identity of the private operator, the production timeline, or who bears the cost of rebuilding Venezuela's degraded oil infrastructure. Major U.S. producers have kept their distance: ExxonMobil's CEO said earlier in 2026 that Venezuela was "uninvestable" in its current state, and ExxonMobil and ConocoPhillips both remain wary years after their assets there were expropriated.
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“critical in starting this ball rolling of peace, opportunity, and prosperity
“Today is a transformative day.
“Several deals will be announced. Those deals will lead to a more than doubling of Venezuelan oil production in the next few years.
“Trump and Marco Rubio have intentionally left everything opaque … Trump did remove Maduro so he could get control over Venezuela’s oil and line his billionaire buddies’ pockets. That’s what this is all about.
“The oil deal as announced sounds like it could have a very positive impact on the United States and the United States economy, on American jobs, and a very positive impact on gas prices over the long term.
“Delcy Rodríguez was Nicolás Maduro's vice president. Maduro was illegitimate. He was a Marxist. He had seized power contrary to the will of the voters, and from the beginning, I have been urging, and I believe the administration is working towards this, that there should be free and fair elections.
“China is no longer going to be purchasing up, let’s say, 80, 90 percent of Iranian oil. They no longer have the opportunity to soak up 80 to 90 percent of Venezuelan oil. That’s actually now going to go to the United States of America instead of China, not on Russian ships. So, Russia isn’t going to benefit from that.
“Putting our soldiers' lives on the line for private profit is a gross dereliction of his constitutional duty.
“This historic transaction more than doubles American oil reserves and will substantially lower gas prices for all Americans. We have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!
“This deal is a huge win for both the American and Venezuelan people.
“If it were up to DC Democrats, Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime.
“Will prices come down for Americans? Who knows but likely not as much as Trump has forced them up thru his idiotic Iran War. But here's a guarantee—this will pad the pockets of Trump family and Big Oil companies and delay transition to cleaner energy. Using our troops for a private oil grab is corruption at epic scale!
“Let's be clear: this isn't a win. This is proof Trump put our service members at risk to get Venezuelan oil for his billionaire buddies.