Trump Promises His Venezuela Oil Deal Will Lower Gas Prices. But When?

The Punta Cardon refinery in Venezuela is shown on Jan.

23, 2026, nearly three weeks after the U.S. raided Caracas and extracted President Nicolas Maduro. —Jesus Vargas—Picture Alliance/Getty Images President Donald Trump announced Friday that the United States has entered a “historic” deal with Venezuela , saying that it gives the U.S. majority control over more than 65 billion barrels of oil reserves.

Calling it the “BIGGEST OIL DEAL IN WORLD HISTORY” in a post on Truth Social , he said that the agreement would “substantially lower Gas Prices for all Americans.” The Trump Administration has long expressed an interest in Venezuela, which boasts the world’s largest proven crude-oil reserves as of 2023—approximately 303 billion barrels, according to the U.S.

Energy Information Administration (EIA).

But the President did not outline how soon, exactly, Americans can expect to feel relief at the pumps.

TIME has reached out to the White House for comment on the expected timeline.

Read More: What’s Happening With the U.S. and Venezuela, Explained The answer is especially relevant amid the ongoing war with Iran.

One of the linchpins of the conflict is a Tehran-imposed blockade on the Strait of Hormuz, through which one-fifth of the world’s oil had previously passed.

The move has been consequential for the global economy.

In the United States, the national average cost for a gallon of gas is $4.08 as of Saturday, according to the AAA , as compared to $3.20 one year ago.

Secretary of State Marco Rubio called the deal a “ huge win ” for America in a social media post on Friday, saying that it means “lowering gas prices here at home.” Any eventual decline in gas prices could provide relief at a time when Americans are already contending with persistent inflation, which was the focus of remarks made by Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium in Wyoming on Friday.

However, it could be a while before the impact of the new deal with Venezuela is directly felt.

What we know about Trump’s Venezuela oil deal Much of what is known about the deal comes from a statement released on Telegram by acting Venezuelan President Delcy Rodríguez late Friday.

“It provides for the development of 17 strategic fields, with a proven potential of 65 billion barrels of oil, more than $100 billion in investment and more than $209 billion in tax revenue for the state,” the statement said.