Trump Announces Venezuela Oil Reserve Agreement

Why it matters locally: An agreement granting the U.S. access to Venezuela's oil reserves at cost could potentially influence gas prices in New Jersey, benefiting consumers and transportation industries across the state. This influx of crude oil may also impact refining operations in the region.

---

President Trump announced an agreement with Venezuela on Friday, August 28, 2026. He stated the agreement would grant the United States access to 65 billion barrels of Venezuela's oil reserves. Trump indicated the United States would acquire this oil at cost. He characterized the arrangement as a "sweeping agreement." The President made the announcement after arriving off Air Force One at Joint Base Andrews, Md. The stated volume of 65 billion barrels represents a portion of Venezuela's undeveloped oil reserves.