Trump secures record-breaking oil deal with Venezuela to double U.S. reserves and slash gas prices | 28 Aug 2026 | Donald Trump announced he has landed the “biggest oil deal in world history” following a deal with Venezuela. The president revealed that he has secured control of more than 65 billion barrels of proven oil reserves in a move he says will slash gas prices for ordinary Americans. Trump credited Marco Rubio and Pete Hegseth on brokering the deal with Interim President of Venezuela Delcy Rodriguez. “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,” the president said on Truth Social on Friday. Trump also promised the deal came at “no cost to the American taxpayer.”