Story perspectives

Trump Signs Deal for 35% Stake in Venezuela Oil

9/7/2026

Center

Trump Secures Oil

U.S. President Donald Trump signed an agreement giving the United States a 35% stake in a joint venture that controls 17 Venezuelan oil fields.
Experts say Venezuelan output and any effect on U.S. gasoline prices will not appear for several years.
The Pentagon office can purchase 20% of the oil produced at preferential prices.
Canada imposed retaliatory tariffs up to 50% on U.S. dairy, steel and goods starting September 5.

Left

Trump Secures Oil

U.S. President Donald Trump signed an agreement giving the United States a 35 % stake in a joint venture controlling 17 Venezuelan oil fields.
The deal is tied to soaring gasoline prices squeezing household budgets nationwide.
The American Automobile Association reported gasoline at $4.14 per gallon, the highest Labor Day price.
Traffic through the Strait of Hormuz has fallen since the Iran war began, tightening oil supplies and raising fuel prices.

History

Historical Context

After OAPEC imposed an oil embargo in October 1973, Saudi Arabia and Iran cut output and raised the posted price from $3 to $11.65 per barrel—a rise of roughly 300 %. The shock drove the United States and Canada to adopt long-term contracts and protectionist policies, a legacy that still shapes energy security strategies today.

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Trump Secures Oil

U.S. President Donald Trump signed an agreement giving the United States a 35% stake in a joint venture that controls 17 Venezuelan oil fields.
Experts say Venezuelan output and any effect on U.S. gasoline prices will not appear for several years.
The Pentagon office can purchase 20% of the oil produced at preferential prices.
Canada imposed retaliatory tariffs up to 50% on U.S. dairy, steel and goods starting September 5.

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