Trump: US Will Refill Strategic Petroleum Reserve Using Venezuelan Oil

Thomson / Reuters / NEWSMAX

 

President ‌Donald Trump said on Sunday that oil from a recently struck deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, ‌which has been drawn down sharply ​in recent years to respond to global supply disruptions and high fuel ⁠prices.

 

Trump said in a social media ​post that the "topping out" process will begin shortly, ⁠describing Venezuelan oil as a “Gift from Venezuela to the People of the United States.” 

 

It ‌is unclear how quickly the ​Venezuela deal could ‌provide oil for the reserve or deliver any near-term ‌benefit to U.S. motorists. The agreement Trump announced on Friday is aimed at reviving Venezuela's ⁠battered oil industry, ‌but it will ⁠require significant investment and infrastructure work before production can ⁠rise ⁠substantially.

The reserve held about 290 million barrels as of ‌August 21, near a 44-year low, after the United States drew down its stockpile under both ‌the ​Biden and Trump ‌administrations in response to global supply disruptions, including Russia's invasion of Ukraine and the ​conflict with Iran. Read  lore here.