U.S. President Donald Trump, who said he had secured a stake in Venezuela’s oil fields—the world’s largest oil-rich country—said he would use Venezuelan oil to replenish the United States’ Strategic Petroleum Reserve.
On the 30th (local time), President Trump wrote on the social media platform Truth Social, “One of the things I will do with Venezuelan oil is to fill the national strategic reserve,” adding, “The process of filling it up will begin soon, and this is a gift Venezuela is giving to the American people.” At present, the U.S. strategic petroleum reserve has fallen to its lowest level in 44 years, and this appears to mean they intend to replenish it again.
President Trump also claimed that “because of the previous administration under Joe Biden, strategic petroleum reserves have been virtually emptied.” Meanwhile, there are forecasts that it may take some time to replenish strategic petroleum reserves with Venezuelan oil. Reuters analyzed, “It remains unclear how quickly the reserves can be replenished under the agreement with Venezuela, or what short-term benefits U.S. consumers could secure,” adding, “Increasing production would require substantial investment and infrastructure work.”
Earlier, on the 28th, President Trump announced that by signing an oil deal with Venezuela, the United States had secured majority control over Venezuela’s oil reserves. He added, “This historic deal, which will more than double the United States’ oil reserves, will dramatically increase oil supply and significantly lower gasoline prices for all Americans for many years to come,” and said, “It will help Venezuela move toward a path of tremendous success and great prosperity.” This announcement came eight months after the U.S. military launched a military operation in January this year to oust then-Venezuelan President Nicolás Maduro at the direction of President Trump.
As the Middle East war drags on and fuel prices rise, President Trump has been under pressure from both inside and outside the United States to stabilize oil prices. Attention is focused on whether this oil deal, reached ahead of the November midterm elections, can bring down soaring oil and energy prices. Reporter Yoo Hye-eun (yu.hyeeun@jtbc.co.kr )
Without discussing how much cost will actually be invested, It is Trump, who only talks about which oil to use.
Of course, we will buy oil at a low price and make use of it, but, Nevertheless, the final price will never be low.
The war now must be reducing the stockpile of oil, but, Also, blaming only Biden seems too petty.
These days, it’s extremely difficult to find a proper politician.
