re: The US now controls 65 billion barrels of proven oil reserves in Venezuela

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First oil, now beef. Man, this guy can cook. Lower prices are just around the corner!

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Pretty much. It was the plan and it will work. Panicans will need a new job.

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come in peace. Who is "the US" in this sense? Will the United States Treasury own the oil or are taxpayers underwriting ownership by private, American companies? The Administration STILL hasn't released the terms of "the deal" with Venezuela. There was $500 million deposited in a unknown (to the Congress and the public) Qatari bank...then what?

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I don’t know IvreyBill

Neither do you.

But any news that looks good for America ensures that you will come in mealy mouthing

No offense of course

From earlier today:

That would more than double America’s own proven oil reserves at a moment when the Strategic Petroleum Reserve sits at a 40-year low and wars in Iran and Ukraine are disrupting global supply.

Key points:

- Fields previously controlled by former Venezuelan insiders (some now indicted) and Chinese interests

- Private U.S. companies would develop the assets and send more revenue back to Caracas.

- Talks led by Secretary of State Marco Rubio and interim President Delcy Rodríguez.

- Energy Secretary Chris Wright may travel to Caracas next week Details still being hammered out.

- The deal could still fall apart but the very fact it is under discussion is an astonishing development no prior American president would have envisioned.

This is the logical next chapter after the January removal of Nicolás Maduro. Venezuela’s oil sector was wrecked by two decades of socialist mismanagement under Chávez and Maduro.

American capital and know-how can reverse that decline while securing heavy crude for U.S. Gulf Coast refiners and locking in Western Hemisphere energy dominance.

Trump has been talking privately about a U.S. ownership stake in these fields even before Maduro was captured. Now the pieces are lining up.

If this lands, it will be a generation-defining energy security win, bigger than the rare earth and nuclear deals that preceded it.

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but it's shitty, difficult to process oil

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The heavy sour crude from Venezuela is a prime feedstock for a majority of gulf coast refineries.
Many of the upgrades to these facilities was just to capture the geater crack spread (profit) of these discounted feedstocks.

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But any news that looks good for America ensures that you will come in mealy mouthing

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This is great news. At some unknown point in the future, there will be some unknown quantity of extra oil from Venezuela. I'm sure that will greatly lower costs for consumers.

Why is it mealy mouthed to ask for details? How does "the US" "control" the oil? Oil is a commodity traded on a global market.

President Trump is great at many things. He doesn't have a great track record in accuracy regarding deals before the ink is dry:

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We still don't have the actual comprehensive contract.
Today's announcement is considerably broader than the documentation that has been publicly released. Trump announced the basic terms, but the administration has not yet publicly disclosed the precise fields, participating companies, ownership percentages, duration, revenue-sharing formula, or the precise legal mechanism by which the United States is obtaining “majority control.” Reuters specifically notes that those details remain undisclosed.

So if you're asking, “Is there a written U.S.-Venezuela contract that we can read?”, the answer at this moment appears to be no—not the full agreement Trump announced today.

And there's another fascinating legal question: Venezuela's constitution traditionally reserves substantial control of petroleum resources to the Venezuelan state. So the precise legal structure being used to give American companies majority control is going to be very important."

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Why is it mealy mouthed to ask for details? How does "the US" "control" the oil? Oil is a commodity traded on a global market.

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The cultists greatly object to anything dear leader says being questioned.

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Look at this nothing burger and not the mess in Iran. This is years from touching our shores if ever.

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Has the Iran thing destroyed your life?

What is the maximum flow rate when it gets up and running? It looks like like Venezuela is producing about 1 million barrels per day. The U.S. is consuming about 20 mbpd and the planet 103 mbpd. So, even if we can double or triple the production per day, it's a decent shot in the arm, but not making us energy independent.

If they're producing 1 million barrels per day, the US is already refining about 64% of it. And again, this is about partnerships and crippling OPEC as much as it's about anything else.

You're one of the biggest "anti-war" types on here. You should be over the moon at this news.