We Are Very Close to Clinching a Massive Deal on Oil

It’s an underreported story, given this administration’s 10,000-mile-per-hour pace, but the Trump administration is close to sealing a massive deal for Venezuelan oil that could double U.S. oil reserves overnight. Our strategic reserve is at a 40-year low, a byproduct of Joe Biden dipping into it to reduce gas prices at de minimis levels. If all goes well, it could be the defining moment of the Donroe Doctrine (via Axios):

"Calling this deal huge would be an understatement," one of the officials said. "It is massive."

Adding pressure to get the deal signed: the wars in Iran and Ukraine, which have disrupted global oil supplies and raised prices.

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Zoom in: Details are still being hammered out, but the discussions involve more than a dozen productive oil fields — not all of Venezuela's 300 billion barrels of proven reserves.

The fields in question, which have 90 billion barrels of proven reserves, used to be controlled by former Venezuelan insiders — including some who've been indicted — as well as interests once controlled by China, the official said.

In return for giving the U.S. an ownership stake, Venezuela's government would benefit from private companies, including American firms, developing the fields and returning more oil revenue to that country.

Zoom out: The Venezuelan oil deal would be a legacy-defining moment for President Trump, who has made U.S. energy security and dominance in the Western Hemisphere pillars of his so-called "Donroe Doctrine."

"President Trump is close to securing America's energy future for generations to come, not just in the U.S. but in the hemisphere," a second official said.

Trump began privately discussing ways to have an ownership stake in Venezuelan oil fields even before he authorized the Jan. 3 capture of Venezuelan strongman Nicolas Maduro, who faces narco-terrorism charges in New York.

Caracas has undergone an overhaul following the January raid by US Special Forces, which captured Nicolas Maduro in an epic raid. New psychological weapons were deployed in that operation to neutralize government forces around the bunker where Maduro was hiding. We also infiltrated his inner circle, with a CIA source having access to Maduro’s schedule, providing an up-to-the-minute location of the Latin American dictator. 

The interim government has played nicely with Washington for obvious reasons. 

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