FOX Business contributor Phil Flynn joins ‘Fox & Friends Weekend’ to analyze the U.S.-Venezuela oil deal announced by President Donald Trump and its potential impact on national gas prices.
President Donald Trump's newly announced deal to secure majority U.S. control of more than 65 billion barrels of Venezuelan oil reserves marks a "generational win" that could lower gas prices for American families, according to oil trader Phil Flynn.
Speaking on "Fox & Friends Weekend," Flynn praised the deal, arguing it could lower prices for years and that U.S. technology could transform Venezuela's oil industry.
"I think this is a win. It's a generational win for Americans because it is [going to] lead to a generation of low prices," Flynn told host Kayleigh McEnany.
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President Donald Trump speaks to reporters before boarding Air Force One at Joint Base Andrews, Md., on Aug. 21, 2026. (Saul Loeb/AFP via Getty Images)
"And it's a win for the people of Venezuela as well because the United States has the technology and the people to develop those oil fields unlike anything Venezuela has been ever able to do in history," he added.
The president announced the agreement on Truth Social on Friday.
"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote.
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Trump said the deal was struck at his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuelan interim President Delcy Rodriguez.
Trump said the U.S., "through a partnership with private business," secured majority control of more than 65 billion barrels of proven Venezuelan oil reserves "at no cost to the American Taxpayer."
President Donald Trump gestures before speaking at the Port of Corpus Christi near an oil tanker that arrived from Venezuela on Feb. 27, 2026, in Corpus Christi, Texas. (Roberto Schmidt/Getty Images)
"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity," he continued.
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