Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil - BBC
Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil - BBC
Source: BBC
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DW NOTE
The U.S. doesn't produce enough oil to meet domestic demand, but Trump just claimed control of 65 billion barrels sitting under Venezuelan soil — roughly 16 years of current U.S. consumption. The timing is transparent: Hormuz has been closed for 61 days, WTI is down 26% despite a 4.3 million barrel-per-day global supply loss, and someone needs to explain why petrol isn't $6 a gallon. Venezuela's reserves are the answer, except they require functional extraction infrastructure that collapsed under Maduro, foreign capital that fled under sanctions, and a political arrangement that makes Caracas subordinate to Washington.