a big deal! And it certainly will have an impact on the mid-terms.
President Donald Trump dropped one of the biggest energy announcements of his second term on Friday evening, revealing that the United States and Venezuela had signed what he called “the biggest oil deal in world history.” The agreement hands America majority control over more than 65 billion barrels of Venezuela’s proven oil reserves…
… This deal is a game changer on several levels. Venezuela holds the largest proven crude oil reserves on the planet, somewhere between 303 and 304 billion barrels, or roughly 19% of the entire global total. Locking down majority control of even a slice of that changes the math on America’s energy security in a way few deals could. It also reduces U.S. dependence on Canadian heavy crude, giving Washington another lever to pull the next time prices spike.