Energy Secretary Wright says Venezuela oil deal will bring down gas prices in a year or two

The Trump administration announced an arrangement with Venezuela last week that would see the US gain control over 65 billion barrels worth of oil fields, representing about one-fifth of Venezuela’s total reserves. This deal includes a 35 percent stake for the Pentagon in North American Blue Energy Partners (NABEP), a firm led by Venezuelan businessman Alejandro Betancourt, who was previously under U.S. money-laundering investigation. The State Department also gets preferential rights to buy 20% of NABEP’s oil at cost and first refusal for the remaining 80 percent.

Venezuela’s acting president Delcy Rodriguez claims this agreement will bring much-needed foreign investment to her country's struggling oil industry, but many in Venezuela view her as illegitimate after the U.S. military captured former President Nicolás Maduro earlier this year. Opposition leader María Corina Machado has criticized the deal, arguing that Venezuela’s natural resources belong to its people rather than "an illegitimate regime."

The arrangement raises concerns among Venezuelan opposition figures who fear it could bolster the authoritarian government's control and undermine democratic progress in the country.