The plan was to keep drilling slowly. That was the plan.
Instead, Trump just secured 65 billion barrels of oil from Venezuela to refill the Strategic Petroleum Reserve. Friday brought the announcement. Sunday brought the details. The reserve that was supposed to be full is now being filled back up, but the path there was rocky. Trump called it the "biggest oil deal in the world." He said his team secured more than 65 billion barrels of proven reserves. This comes after a deal with the country's interim president. It follows the arrest of former dictator Nicolás Maduro.
So how did we get here? The tank was nearly empty before the refill. The latest decline reduced reserves to their lowest level in 40 years. As of May, it held under 300 million barrels.
Former President Joe Biden greatly depleted the reserve before a brief and gradual replenishing began ahead of the 2026 war. Trump doubled down on Sunday, saying the reserve was "virtually emptied" by Biden.
He put it plainly. "One of the things I am going to do with the Venezuela Oil is fill up the Strategic National Reserves," Trump said, according to the Washington Examiner. He stated that Sleepy Joe Biden caused the reserves to be virtually emptied.
The numbers tell the story. The reserve hit its lowest level in 44 years just two weeks ago. Biden was primarily blamed by the Trump administration for the decline, noting his authorization to release nearly 200 million barrels of crude oil. Trump said the "topping out" process will begin very shortly. He characterized it as a "Gift from Venezuela to the People of the United States", according to the Daily Caller.
This isn't just talk. The mechanics are specific and the cost is zero for you.
Trump announced the deal on Friday. He said Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Interim President Delcy Rodriguez. They secured majority U.S. control of the oil. Trump stated that Venezuela's more than 65 billion barrels of proven oil reserves have been secured for majority U.S. control, costing the American taxpayer nothing.
The timing matters. Oil prices have stayed high for months. Disrupted shipping through the Strait of Hormuz caused by the conflict in Iran led to this outcome. Domestic gas prices are a roadblock for Republicans hoping to win in November. Following a military operation in January, the U.S. assumed significant control of Venezuela. Dictator Nicolás Maduro was captured by U.S. forces and brought to the U.S. The South American country has the largest oil reserves in the world, but its industry stagnated under Maduro's socialist reign. Trump believes this "Historic Transaction… greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future."
The reserve was created after the 1973 Arab oil embargo. Twenty-eight countries committed to keeping 90 days of imports. Congress made the SPR the solution. Starting in 1977, the reserve rose to 589 million barrels. It grew to 700 million by the turn of the millennium. It hit an all-time high in April 2011 at 726.5 million barrels.
For most of its history, the SPR saw only small drawdowns. Now, it is being rebuilt for a reason. Trump says "This transaction will greatly strengthen the already growing relationship between Venezuela and the United States."