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Trump plans to use Venezuela’s huge oil reserves ‘to cut US consumer price to $50 a barrel’

08.01.2026 13:07 | The Guardian World

President reportedly hopes falling price will cut domestic consumer energy billsBusiness live – latest updatesDonald Trump plans to use Venezuela’s vast crude reserves to establish control of most of the western hemisphere’s oil in an attempt to drive the market price down to about $50 (£37) a barrel, according to reports.The US president has repeatedly raised the prospect of producing enough crude from Venezuela’s oilfields to drive down the US oil price from more than $56 a barrel today to about $50 in an effort to cut energy costs for consumers, according to the Wall Street Journal, which cited senior Trump administration officials. Continue reading...

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