However, energy experts and lawmakers are doubtful. Venezuela's drilling equipment is old and broken, meaning it will take many years to fix before any significant amount of oil reaches consumers. Big oil companies previously stayed away due to high risks and local corruption. Critics also warn that the deal will not solve high gas prices anytime soon and unfairly forces regular U.S. companies to compete with a government-backed business.
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The Trump administration made a 100-year deal allowing a private company, North American Blue Energy Partners, to drill for oil in 17 Venezuelan fields. In return, the U.S. government gets a 35% stake in the business and can buy 20% of the oil at base cost. Officials say this move will help the U.S. avoid Middle Eastern oil shortages and quickly lower prices at the gas pump.
However, energy experts and lawmakers are doubtful. Venezuela's drilling equipment is old and broken, meaning it will take many years to fix before any significant amount of oil reaches consumers. Big oil companies previously stayed away due to high risks and local corruption. Critics also warn that the deal will not solve high gas prices anytime soon and unfairly forces regular U.S. companies to compete with a government-backed business.
Tue, 01 Sep 2026 08:43:33 GMT
Source: Dukascopy Bank SA
However, energy experts and lawmakers are doubtful. Venezuela's drilling equipment is old and broken, meaning it will take many years to fix before any significant amount of oil reaches consumers. Big oil companies previously stayed away due to high risks and local corruption. Critics also warn that the deal will not solve high gas prices anytime soon and unfairly forces regular U.S. companies to compete with a government-backed business.
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