Trump Promises His Venezuela Oil Deal Will Lower Gas Prices. But When?

President Donald Trump announced Friday that the United States has entered a “historic” deal with Venezuela, saying that it gives the U.S. majority control over more than 65 billion barrels of oil reserves. Calling it the “BIGGEST OIL DEAL IN WORLD HISTORY” in a post on Truth Social, he said that the agreement would “substantially lower Gas Prices for all Americans.”The Trump Administration has long expressed an interest in Venezuela, which boasts the world’s largest proven crude-oil reserves as of 2023—approximately 303 billion barrels, according to the U.S. Energy Information Administration (EIA).But the President did not outline how soon, exactly, Americans can expect to feel relief at the pumps. TIME has reached out to the White House for comment on the expected timeline.The answer is especially relevant amid the ongoing war with Iran. One of the linchpins of the conflict is a Tehran-imposed blockade on the Strait of Hormuz, through which one-fifth of the world’s oil had previously passed. The move has been consequential for the global economy. In the United States, the national average cost for a gallon of gas is $4.08 as of Saturday, according to the AAA, as compared to $3.20...