Story perspectives

Trump Announces 1.5 Million BPD Venezuela Oil Deal

9/7/2026

Summary

Story summary

President Donald Trump announced oil agreement with Venezuela to supply 1.5 million barrels per day, generating $200 billion.
U.S. gasoline prices hit a record $4.03 per gallon and diesel $5.85 per gallon in September 2026.
American Automobile Association (AAA) reported diesel average rose to $5.85 per gallon, up from $5.7832 the day before.
White House spokeswoman Taylor Rogers said Trump met with refiners to expand capacity and expects Hormuz to lower prices.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo on the United States, cutting Arab exports by about 60 % and driving gasoline prices to 55.1 cents per gallon—a 43 % rise. Nixon then created the Federal Energy Office and began building the strategic petroleum reserve, a policy that still shapes U.S. diversification efforts today.

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Story summary

President Donald Trump announced oil agreement with Venezuela to supply 1.5 million barrels per day, generating $200 billion.
U.S. gasoline prices hit a record $4.03 per gallon and diesel $5.85 per gallon in September 2026.
American Automobile Association (AAA) reported diesel average rose to $5.85 per gallon, up from $5.7832 the day before.
White House spokeswoman Taylor Rogers said Trump met with refiners to expand capacity and expects Hormuz to lower prices.

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