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American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

Money

U.S. and Venezuela announce oil venture with possible gas-price impact

A2D News Desk

President Donald Trump announced that the United States and Venezuela reached an oil agreement giving a U.S.-linked joint venture a 55% share and majority control of more than 65 billion barrels of proven reserves.

The deal includes a 100-year lease covering 17 oil fields, according to a U.S. official and Venezuela’s interim president. Trump said the arrangement would substantially lower gas prices, while officials said low-cost production would help replenish the U.S. Strategic Petroleum Reserve.

Venezuela said the agreement could bring more than $100 billion in investment and increase oil production. Chevron, the only U.S. oil company currently operating in Venezuela, declined to comment.

Read the full story at whmi.com.

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