Trump Announces Arrival of First Million Barrels of Oil from Venezuela Deal in Texas
A shipment of one million barrels of oil has arrived in Texas under a deal with Venezuela. Trump says it cost the American taxpayer nothing.
Key points
- The first million barrels arrived in Corpus Christi, Texas.
- The White House says the oil comes at no cost to the United States or the American taxpayer.
- The crude will be refined in Texas, according to the announcement.
- According to the White House, the deal raises strategic reserves to 65 billion barrels.
President Donald Trump announced the arrival of the first million barrels of oil secured by his administration as part of a historic deal with Venezuela. The announcement was made in Corpus Christi, Texas.
According to the White House, all the oil comes to the United States at no cost to the United States or the American taxpayer. The crude will be refined in Texas, which, according to the statement, will support jobs in that state.
The administration says the deal more than doubles the country's strategic reserves, bringing them to 65 billion barrels in total. According to the statement, this would help increase domestic supply and lower gasoline and diesel prices for Americans.
In the same statement, Trump said this result is part of a policy aimed at energy dominance for the United States and the Western Hemisphere. He also criticized Democratic energy policies, which he called a failure.
The reviewed texts do not give details on the financial terms of the Venezuela deal or the schedule of future shipments.
Why it matters
According to the administration, if the oil is refined in Texas, it could lower gasoline and diesel prices in the United States.