Trump announced a massive oil deal with Venezuela. Why it won't lower gas prices anytime soon

Drivers in the U.S. won't see lower gas prices from President Donald Trump's massive oil deal with Venezuela because it will take years to significantly boost the country's production, experts say. Trump announced Friday that the U.S. secured majority control over 65 billion barrels of Venezuela's proven oil reserves, around 20% of the 303 billion barrels that the South American nation is thought to possess. But huge investments are needed to extract those reserves. The legality and long-term viability of the agreement with Caracas are also uncertain as the terms have not been disclosed by the Trump administration, experts say. "Nothing has been published, so we're really still operating on Tweets and rumors," said David Goldwyn, who served as a State Department special envoy for international energy affairs under President Barack Obama. Trump promised Friday the deal would "substantially lower gas prices for all Americans, long into the future." U.S. drivers were paying $4.08 per gallon on average nationwide Monday, nearly 30% higher than this time last year, according to AAA data. Prices are rising due to Ukraine's attacks on Russian refineries and the supply disruption in the Mi...