The US is gobbling up Venezuelan oil, but will it lower fuel prices?

When United States President Donald Trump announced “the biggest oil deal in world history” with Venezuela on August 28, he claimed it would “more than double” US oil reserves and “substantially lower gas prices for all Americans”.Venezuela is home to the world’s largest proven oil reserves – an estimated 303 billion barrels, or about 17 percent of the global total, according to the US Energy Information Administration. But the country’s oil is heavy, sour crude and extracting and refining it is costly.Recommended Stories list of 3 itemslist 1 of 3Venezuela’s Maduro shares first photos from US detentionlist 2 of 3Vance says Trump ‘sending a message’ to Iran with AI-generated videolist 3 of 3White House unveils more details of Trump’s Venezuela oil dealend of listWhile US Gulf Coast refineries are able to process this type of oil from Venezuela, analysts have warned that, in reality, Washington’s deal with Caracas will not lower crude prices in the US in the near term.What is in the US-Venezuela oil deal, and will it lower fuel prices in the US – or elsewhere?Here’s what we know:What’s in the new oil deal between the US and Venezuela?Last week, the Trump administration announced a d...