Trump announces massive US-Venezuela oil deal
FOX Business contributor Phil Flynn joins ‘Fox & Friends Weekend’ to analyze the U.S.-Venezuela oil deal announced by President Donald Trump and its potential impact on national gas prices.
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President Donald Trump’s newly announced deal to secure majority U.S. control of more than 65 billion barrels of Venezuelan oil reserves marks a “generational win” that could lower gas prices for American families, according to oil trader Phil Flynn.
Speaking on “Fox & Friends Weekend,” Flynn praised the deal, arguing it could lower prices for years and that U.S. technology could transform Venezuela’s oil industry.
“I think this is a win. It’s a generational win for Americans because it is [going to] lead to a generation of low prices,” Flynn told host Kayleigh McEnany.
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President Donald Trump speaks to reporters before boarding Air Force One at Joint Base Andrews, Md., on Aug. 21, 2026. (Saul Loeb/AFP via Getty Images)
“And it’s a win for the people of Venezuela as well because the United States has the technology and the people to develop those oil fields unlike anything Venezuela has been ever able to do in history,” he added.
The president announced the agreement on Truth Social on Friday.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote.
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Trump said the deal was struck at his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuelan interim President Delcy Rodriguez.
Trump said the U.S., “through a partnership with private business,” secured majority control of more than 65 billion barrels of proven Venezuelan oil reserves “at no cost to the American Taxpayer.”
President Donald Trump gestures before speaking at the Port of Corpus Christi near an oil tanker that arrived from Venezuela on Feb. 27, 2026, in Corpus Christi, Texas. (Roberto Schmidt/Getty Images)
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” he continued.
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Flynn echoed that sentiment, arguing that the move eases long-standing concerns about depleted U.S. oil reserves.
“A lot of people are worried about us drawing down our Strategic Petroleum Reserve,” Flynn said. “Now we have the biggest strategic petroleum reserve in history. It’s called Venezuela.”
Rubio praised the agreement on X, calling it a “huge win” for both countries that “demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.”
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While Trump and Rubio say the deal will lower prices over the long term, Flynn cautioned that Americans should not expect immediate relief at the pump.
“If you’re looking for gasoline prices to fall 10 cents overnight, probably not [going to] happen,” Flynn noted.
He added, however, that “psychologically it will put some downward pressure on prices” by signaling an easing of geopolitical risks.
“It’s another sign that the conflicts in the world that have kept prices high for years are starting to come to an end,” he said.
President Donald Trump and Secretary of State Marco Rubio monitor U.S. military operations in Venezuela from Trump’s Mar-a-Lago club on Jan. 3, 2026, in Palm Beach, Fla. (Molly Riley/The White House via Getty Images)
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The agreement comes after the United States launched an operation to capture then-Venezuelan leader Nicolás Maduro in January. Maduro’s capture was followed by a transition in power ahead of Friday’s oil agreement.
Fox News’ Jasmine Baehr contributed to this report.