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The oil deal between the US and Venezuela will not reduce gas prices. Here's what you need to knowPhoto by Alex Dos Santos on Pexels
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The oil deal between the US and Venezuela will not reduce gas prices. Here's what you need to know

Tuugo31 August 2026 at 12:19

The Trump administration announced on Friday an agreement with the Venezuelan government to develop large oil reserves in Venezuela. The US government states that it is involved in this agreement with Venezuela for oil exploration.

The agreement, however, is not expected to have an immediate impact on reducing fuel prices. This is important information for consumers who were hoping for relief in energy costs.

The oil deal was presented as part of the diplomatic relations between the two countries, but specialists indicate that the practical effects on gas prices will be limited or non-existent in the short term.

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