The president of the United States, Donald Trump, assured this Sunday that a part of the oil that will be extracted in Venezuela, as a result of the recent agreement reached with the Caracas Executive for around one fifth of its reserves, will be used to reinforce the energy reserves of his country.
"One of the things I am going to do with Venezuelan oil is refill the Strategic National Reserve that, because of 'Sleepy' Joe Biden, is virtually empty," Trump explained on social media.
The Republican leader emphasized that this supply of crude will allow for the immediate replenishment of U.S. strategic reserves. "The process to fill it will begin very soon and it is a gift from Venezuela to the people of the United States. Thank you!" added the U.S. president.
According to the data provided by Trump, the United States will gain majority control of more than 65 billion barrels of proven Venezuelan oil reserves, which represents approximately one fifth of the total of the South American country.
The agreement, moreover, will not involve a direct outlay for the U.S. taxpayer, as Washington will only assume the financing necessary to start up the extraction infrastructure, an investment that will ultimately fall on American oil companies.
The president's announcement comes amid the war in Iran, a conflict that has partly depleted the U.S. Strategic Petroleum Reserve, reduced to nearly 41% of its capacity, the lowest level in more than forty years. The average price of regular gasoline stood at $4.09 per gallon on Thursday, which represents an increase of more than a third since the conflict began.
Venezuela has the largest proven crude reserves on the planet, exceeding 300 billion barrels, ahead of its major rival, Saudi Arabia. The United States, for its part, has certified reserves of around 38 billion barrels.
Specialists emphasize that, unlike other regions where it is still necessary to locate new deposits, the Venezuelan subsoil is extensively studied and its reserves are largely identified. However, the deep deterioration of the oil infrastructure means that the country barely contributes around 1% of the world's oil production, a situation that could have consequences for Washington in the medium and long term.