US President Donald Trump said that thanks to expanded domestic production and a recent energy deal with Venezuela, the United States has surpassed the Organization of the Petroleum Exporting Countries (OPEC) in aggregate capacity. Speaking in Dallas at the Republican National Convention ahead of November’s congressional midterms, the White House chief declared, “With Venezuela, with Texas, Oklahoma, North Dakota, Pennsylvania, and other great states, we are more powerful than OPEC.” He also promised voters that gasoline prices would fall soon, saying oil prices would come down immediately after the election results are announced.
Analysts link the expedited negotiation and active promotion of the Caracas agreement to the administration’s effort to mitigate electoral risks ahead of the midterms. Faced with growing criticism over the protracted and unpopular military conflict around Iran, related economic distortions, and a jump in energy prices toward $100 per barrel, the Republican administration needed to present tangible evidence of enhanced national energy security.
Trump says that oil obtained under the Venezuela deal will be used to replenish the US Strategic Petroleum Reserve (SPR). He argues the move is necessary to resolve the effects of what he called the previous administration’s oil‑policy mistakes and will cement Washington’s dominant position in the global oil market.
