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U.S. secures majority control over 65 billion barrels of Venezuela oil
The deal gives the U.S. majority control over Venezuela's proven reserves, but CNBC says it is unlikely to affect gas prices soon.
President Donald Trump announced Friday that the U.S. secured majority control over 65 billion barrels of Venezuela's proven oil reserves, according to CNBC Markets.
CNBC notes the size of the reserve control does not necessarily translate into lower gas prices in the near term, suggesting the timing and path to production are key to whether consumers see benefits.
The announcement centers on proven reserves and U.S. control, with the practical impact on gasoline pricing depending on how quickly and through what mechanisms that oil can be brought to market, CNBC said.
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