NewsHK
Global energy markets have been absorbing an Iran war premium for months, with average U.S. regular gasoline at $4.08 per gallon, up from $3.20 a year ago according to AAA.
Against that backdrop, the Trump administration on Friday unveiled terms of an agreement giving the United States a 55% effective interest in output from a new private company formed to manage 65 billion barrels of Venezuelan proven reserves.
President Trump said the deal would "substantially lower Gas Prices for all Americans, long into the future." The deal's commercial terms The arrangement covers 17 Venezuelan fields and allows the U.S.
to purchase oil from them at cost, a provision that could give American buyers access to cheaper crude once production increases. Secretary of State Marco Rubio put the expected private investment at nearly $100 billion.
Keep reading