President Trump Bets Big on Venezuelan Crude.

President Trump announced a deal Friday that hands the U.S. majority control over Venezuela’s oil — 65 billion barrels of proven reserves — and he’s promising it will bring gas prices down. The timing isn’t subtle. Gas is averaging $4.08 a gallon nationally, up from $3.20 a year ago, as the Iran war keeps squeezing global energy markets. Here’s the deal: a new private company will manage output from 17 Venezuelan oil fields, and the U.S. gets a 55% cut of whatever comes out of the ground. Washington also gets to buy Venezuelan crude at cost — a real advantage,


