A source article attributes to former President Donald Trump a plan to use Venezuelan crude to replenish the Strategic Petroleum Reserve (SPR) following major drawdowns. The same article quotes Trump describing the arrangement as the “biggest oil deal in the world,” claiming access to more than 65 billion barrels of Venezuelan oil reserves via a deal with the country’s interim president, and asserting that the former Venezuelan leader Nicolás Maduro was arrested. These statements require verification.
What the source says Trump promised
According to the source page, Trump said much of the Venezuelan oil would go toward refilling the SPR, which he claimed former President Joe Biden had “virtually emptied.” The article quotes Trump as saying: “The ‘topping out’ process will begin very shortly and is a Gift from Venezuela to the People of the United States.” The source also reports that Trump said the oil would more than double U.S. reserves and help reduce future gas prices.
How the source describes the SPR drop
The article states that the SPR fell to under 300 million barrels as of May, described as the lowest level in 40 years. It presents a timeline in which reserves declined from about 637 million barrels in January 2021 to roughly 347 million barrels by June 2023, citing multiple releases: 3.3 million barrels after Hurricane Ida in September 2021; 50 million barrels in November 2021 to address post‑pandemic gas prices; and an emergency drawdown described as 180 million barrels in March 2024 following Russia’s invasion of Ukraine. The piece also says Congress authorized sales totaling more than 350 million barrels between Fiscal Years 2017 and 2031, later canceling about 140 million barrels of future sales.
Background on the SPR (as described by the source)
Following the 1973 Arab oil embargo, the source notes that the U.S. joined a group of countries committing to maintain 90 days of net petroleum imports and created the SPR to address “severe energy supply interruption.” It recounts that the reserve grew from 1977, peaked at 726.5 million barrels in April 2011, and typically saw only modest drawdowns until a sustained decline beginning in late 2016 and a sharper drop after Biden took office in 2021.
Numbers and cost claims that need vetting
The article reports a Department of Energy estimate that returning the SPR near full capacity would cost about $20 billion over several years. It further asserts that if 65 billion barrels were received from Venezuela, only 0.66% of that volume would be needed to restore the SPR to its all‑time high. These figures and calculations are presented in the source and require confirmation.
Additional unverified assertions in the source
The page attributes to Trump a second‑term policy to restore the SPR and references recent military developments—including a “war in Iran,” strikes, and a closure of the Strait of Hormuz—that it links to further SPR drawdowns. It also states Trump’s team worked with an “interim president” of Venezuela and claims Maduro was arrested. These items are reported in the source but are uncorroborated here.
