Venezuelans are expressing outrage and the oil industry is waiting for details on President Donald Trump’s announcement that Venezuela ‘s acting president has agreed to give an unnamed U.S. company control of vast amounts of the South American country’s untapped oil reserves, at cost. Trump called it “THE BIGGEST OIL DEAL IN WORLD HISTORY!” but critics say U.S. consumers won’t benefit for many years.
Global crude prices are rising again after renewed warfare between the United States and Iran, the first significant military action in a month. The global energy supply shock has for the first time kept average prices Americans pay at the pump above $4 throughout August, according to the AAA.
U.S. Treasury Secretary Scott Bessent told The Associated Press ahead of the Group of 20 finance ministers meeting he’s hosting in Asheville, N.C., on Monday and Tuesday that the Trump administration is prepared to exact “financial violence if we have to” as it pressures allies to join in “economic D-Day” sanctions on Iran.
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Here’s the Latest:
Here’s the private sector partner in Trump’s Venezuela project
The White House has been mum on a lot of the details of an agreement that would give the U.S. a stake in Venezuela’s oil reserves, including the name of the private operator in the project.
That operator is North America Blue Energy Partners (NABEP), owned by Alejandro Betancourt, a source familiar with the deal confirmed. The person spoke on condition of anonymity because they were not authorized to release the information.
The company currently produces about 200,000 barrels a day, which makes it the second-largest private operator in Venezuela behind Chevron.
The new venture will have the rights to 17 fields, some of which once had been jointly run by Venezuela’s state-owned oil company PDVSA and Chinese or Russian operators, the source said. NABEP already operates fields in the area and has infrastructure there, including pipelines and rigs.
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The White House did not immediately respond to a request for comment.
—- Regina Garcia Cano
Trump says more pharma companies will lower health care costs for Medicaid and consumers
The president said nine more pharmaceutical companies would sell their drugs to state Medicaid programs at discounts under his so-called “most favored nation” pricing system.
Trump spoke while seated in the Oval Office, flanked by aides and business executives to highlight his program to have the stick prices for prescription drugs match or be lower than what is charged overseas.
The nine companies are Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB.
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Trump has tried to use his efforts to have initial prices for prescription drugs before insurance-related discounts to tell voters worried about inflation that he is tackling affordability issues.
It’s unclear how much in savings will actually materialize for consumers as insurance already pays at a discount, although the administration has claimed more than $500 billion in savings over a decade.
Vance snaps back at El-Sayed for comments about his wife
El-Sayed recently responded to comments Vance made where he said he’s like to travel back in time and tell his Democratic voting grandfather about the Michigan Senate nominee because he wouldn’t believe the kinds of comments he makes.
El-Sayed responded by referring to Vance’s wife, Usha Vance, the daughter of Indian immigrants, saying, “So do we think JD is taking Usha with him back in time to meet Papaw, or no …”
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“Whatever you want to talk about, Abdul, keep my wife’s name the hell out of your mouth because she’s way out of your league,” Vance said on stage to cheers from the crowd.
Graham’s Russian sanctions package teeters in US House
Speaker Mike Johnson is in no rush to push forward the sanctions package that’s designed to help Ukraine and won overwhelming Senate approval earlier this month after being negotiated by the late Sen. Lindsey Graham.
Leading Democrats are worried the package gives Trump too much authority to impose tariffs that could be harmful to Americans.
“Congress does not need to greenlight new tariff authority for the President to impose those sanctions on Russia today,” wrote Rep. Gregory Meeks, the ranking Democrat on the House Foreign Affairs Committee, Rep. Richard Neal, the top Democrat on the Ways and Means Committee, and Rep. Don Beyer, the senior House Democrat on the Joint Economic Committee, joined by Senate Democrats, Sen. Elizabeth Warren and Sen. Ron Wyden.
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Daniel Balson, of the advocacy group Razom for Ukraine, urged the House to act, saying the bill is backed by the president and is main bill “that has a chance of becoming law.”
Vance calls Abdul El-Sayed ‘evil’
The vice president spent much of his speech in Michigan lambasting the Michigan Democratic Senate candidate and trying to make the case that El-Sayed is a dangerous alternative to Republican Mike Rogers.
He criticized El-Sayed for his association with controversial streamer Hasan Piker and portrayed him as darkly divisive, saying that, “There’s something about Abdul El-Sayed that is very, very evil and on the rise in the United States of America today.”
Democrats introduce bill to reverse Trump renaming Lake Ontario
The longshot legislation would also block the president or other federal officials from renaming Lake Superior, Lake Michigan, Lake Huron or Lake Erie and prohibit any federal funds from being used for any name changes.
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“Americans are struggling to afford groceries, housing, and everyday essentials, and yet this President chooses to pick petty fights with our closest ally,” said Rep. Tim Kennedy, D-New York.
“Canada is not our enemy. It is our neighbor, our ally, and one of Michigan’s most important economic partners,” said Michigan Democratic Rep. Debbie Dingell.
The legislation comes after Trump’s executive order renaming the body of water amid his trade dispute with Canada.
James hammers affordability ahead of Vance appearance
John James, the Trump-backed Republican candidate for Michigan governor, talked about kitchen table topics, including schools, healthcare and the price of gas, in front of hundreds at an industrial warehouse in a northern suburb of Detroit.
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“When the vice president of the United States comes to Michigan, it sends a message,” James said. “It sends a clear message that Michigan matters.”
In the run-up to midterms, Vance, also has spent time acknowledging voters’ concerns about the cost of living. But Trump has often dismissed affordability as a Democratic political talking point.
Alito discloses book advance
Justice Samuel Alito reported being paid a book advance of just over $33,000 last year, according to an annual financial disclosure report that also disclosed two paid European trips for conferences.
His first book is titled “So Ordered: An Originalist’s View of the Constitution, the Court, and Our Country.” It is expected to be released Oct. 6 and focus on his judicial philosophy.
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Most justices have now written books. Some have reported advances worth millions, often for personal memoirs. Other payments have been reported across multiple annual disclosure reports.
Alito also reported paid travel to Italy, the United Kingdom and Arizona for participation in conferences and events.
Required financial disclosure reports for the other justices were released in June, but Alito routinely requests extensions. He did not report any gifts.
Trump to meet with oil refiners about how to lower gasoline prices
The White House said that Trump on Tuesday will meet with a mix of large and small refinery companies to discuss ways to increase America’s capacity to refine oil into gasoline.
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The meeting occurs as the Iran war has driven prices at the pump to a national average of $4.08, a 28% increase over the past year, according to AAA.
The White House has said that increasing the number of refineries and expanding the capacity at existing facilities would eventually reduce prices for consumers. The administration also sees the need for more refineries to process oil from Venezuela.
Also attending the meeting will be Interior Secretary Doug Burgum, Energy Secretary Chris Wright and Jarrod Agen, the director of the White House National Energy Dominance Council.
US military has no plans to send troops to the polls in November, top general says
The highest-ranking officer in the U.S. military says there are no plans to send troops to polling places during November’s midterm congressional elections, addressing concerns among Democrats that the Trump administration could use the military to interfere with the vote.
Gen. Dan Caine, chairman of the Joint Chiefs of Staff, made the statement in a letter to Michigan Democratic Sen. Elissa Slotkin, who recently asked Caine and Defense Secretary Pete Hegseth to confirm they won’t send troops to the polls.
“The Joint Force has no plans to send Federal military personnel or Federalized members of the National Guard to polling places during the 2026 elections,” Caine wrote. “Likewise, the Joint Force has no plans to use such personnel to seize ballots, voting machines, or other election-related material.”
Vance is heading to a rally in Michigan
Brian and Linda Brennan were waiting to see the vice president in the suburban Detroit suburb of Sterling Heights on Monday.
Brian Brennan, 77, said he doesn’t know if he’s optimistic about Republicans’ chances in the midterms because of the Iran war and concerns about the economy, but said he hopes conservative voters will turn out. He views issues with affordability as short-term pain for long-term gain.
“You’ve got to suffer a little bit for the end result,” Linda Brennan, 76, said.
She noted gas was up to $5 a gallon in 2022 during former President Joe Biden’s time in office.
The couple said they expect Vance and Secretary of State Marco Rubio to fight for the Republican nomination for president in 2028 and would be happy with either.
“We’re Catholics. We’re conservatives,” Linda Brennan said. “We’re just for faith and family. Not real complicated.”
Vance says of Trump’s AI post threatening Iran: ‘The president likes to switch it up on social media a little bit’
The vice president spoke to reporters before he flew to Michigan on Monday about the AI video that Trump posted on social media over the weekend that featured a stylized imaginary attack on Iran’s Kharg Island, which is key to its oil exports and Trump has repeatedly threatened.
Vance then said the president “would be the first to say he doesn’t make announcements about military actions on social media, but I think that he’s sending a message to the Iranians.”
Despite the vice president’s puzzling comment, Trump makes virtually all of his announcements on military action and most other matters on his social media account.
After Trump attacks data center critics, Vance says the opposition is about utility prices
Vice President JD Vance tried to clarify Trump’s critique on social media that data center opponents would leave their communities “backwards and poor.”
The vice president told reporters that Trump was stressing the importance of data centers for artificial intelligence and that ” 99% of the backlash to data centers has come in areas where building a data center means higher utility and higher electricity (prices) for the people on the ground.”
Vance said companies building data centers should build power plants to generate their own electricity in accordance with the administration’s policies.
“If you build a data center, you should be putting power back into the grid, not taking it out, and if that is happening, I don’t think the data centers are that controversial,” Vance said.
JD Vance to privately address Republican Jewish Coalition amid tension over Israel and antisemitism
The vice president’s speech Monday is an opportunity for him to assuage concerns among conservative Jewish activists about his views toward Israel and his association with controversial figures like Tucker Carlson. It’s closed to the news media and comes at an extraordinarily sensitive time for Jewish Americans and the U.S. relationship with Israel.
Concerns about antisemitism have surged across the political spectrum ahead of the midterm elections. Republicans are eager to portray Democrats as hostile toward Jews and Israel, but they’re also dealing with their own internal schisms, with younger Republicans more likely to say the U.S. is too supportive of Israel.
Vance suggested last month that some Israeli officials have sought to manipulate U.S. public opinion in order to prolong the war with Iran. “If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world,” Vance said in June.
George Santos banned by Kalshi for insider trading on prediction platform
The online prediction market platform Kalshi said Monday that it has permanently banned former U.S. Rep. George Santos after concluding the former Republican congressman likely engaged in insider trading when he bet against his attendance at the State of the Union address.
The convicted ex-congressman had repeatedly discussed his intention to attend the State of the Union, which came just four months after he was granted clemency by President Donald Trump in a fraud case that led to his expulsion from the U.S. House. On the eve of Trump’s speech, Kalshi put the odds of Santos attending at close to 75%.
Then, minutes into the speech, Santos posted on X that he had been waylaid at the airport. Immediately, several social media users accused him of running another scheme.
Trump pushes back against opposition to data centers
The president posted on social media that U.S. communities that don’t have data centers will “end up being backwards and poor.”
“If we kill the Golden Goose, you will only have yourselves to blame,” Trump told the public. “China could not be happier with this anti Data Center movement.”
There has been a backlash across the country to the construction of data centers needed to further develop artificial intelligence. The public has expressed concerns about their use of electricity and water, and their secretive development by tech companies. Many Americans are also worried that AI could increase economic disparities and cause widespread job losses.
Data center advocates stress that the local taxes these facilities pay can help fund public schools, reducing the financial burden on homeowners.
US treasury secretary tries to rally global finance ministers to back Trump’s economic squeeze on Iran
As Scott Bessent hosts meetings of the Group of 20 finance ministers in Asheville, North Carolina, on Monday and Tuesday, he aims to focus on relatively uncontroversial issues, from economic growth to addressing mounting debt, along with pressuring allies to join in “economic D-Day” sanctions on Iran.
Bessent told The Associated Press on Sunday that the Trump administration is prepared to exact “financial violence if we have to.”
The U.S. has disrupted the international order by imposing aggressive tariffs on Canada and other major allies and launching a costly, unpopular war. Now hostilities between the U.S. and Iran have renewed, dampening hopes for a resolution.
Daniel Fried, a former assistant secretary of state for European affairs in the George W. Bush administration, said the U.S. may “find it difficult to rally its usual friends and allies” under the circumstances.
Republicans and Democrats react to the Venezuela deal
Trump allies called it a win. Sen. Bernie Moreno, R-Ohio, said it was a historic deal that helps both countries.
“If it were up to DC Democrats, Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime,” Moreno wrote on social media.
Democrats condemned it, saying Maduro’s capture was always about Trump getting Venezuela’s oil. Sen. Tim Kaine, D-Va., branded it “corruption at epic scale.”
“Will prices come down for Americans? Who knows but likely not as much as Trump has forced them up thru his idiotic Iran War,” Kaine said on social media.
Sen. Chris Van Hollen, D-Md., said Trump “put our service members at risk to get Venezuelan oil for his billionaire buddies.”
Former Biden official warns that Democrats could challenge the deal once back in power
Amos Hochstein, who was a senior energy adviser under President Joe Biden, said the deal is uncharted legal and diplomatic territory that carries tremendous risk for any companies thinking about getting involved. Democrats could challenge the deal if they regain power in Washington, as could future administrations in Venezuela.
“There will be a lot of challenges to what was just announced,” Hochstein said. “I can only say, if it were me, I’d be nervous. And if I’m back in my old job in the next administration, then they should be nervous.”
The oil industry is awaiting clarity on Trump’s Venezuela deal
Many important details remain unclear, including the identity of the private operator that apparently now has rights to the untapped oil fields for 100 years, becoming the world’s second-largest corporate holder of proven reserves after Saudi Aramco, according to a U.S. official who was not authorized to discuss the matter publicly and spoke on the condition of anonymity.
Persuading big American oil companies to return to the region could prove a challenge given the political uncertainty and damaged infrastructure. Chevron, the only U.S. oil company actively producing in Venezuela, declined to comment.
By Collin Binkley and Juan Pablo Arraez
Former Venezuelan planning minister calls it a ‘shameful deal’
“Venezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last,” Ricardo Hausmann, now a Harvard University professor, said on social media. He said Delcy Rodríguez, the acting president, “has no legitimacy or constitutional power to commit Venezuela to any such deal.”
Delcy Rodriguez pushed back on early criticism of the oil deal
“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodríguez said in her national address. She said the goal is to reach other agreements with transnational private companies such as Chevron, Repsol and Shell.
She added: “We want to be an energy powerhouse, a major oil producer, a significant gas exporter, and a major national petrochemical developer.”
Some Venezuelans consider Trump oil deal a betrayal
It goes against what they’ve been told for decades: Venezuelan resources are for Venezuela, and no leader would cede control of those resources to the U.S. government.
At a market in eastern Caracas, Douglas Borjas said he’s upset that Venezuelan leader Delcy Rodriguez apparently agreed to 55% U.S. control of oil fields that could produce 65 billion barrels.
“I think they’re doing it to cling to power,” Borjas said. “The Venezuelan people deserve better. Venezuela has resources that can be exploited, but for the benefit of the people, not for the benefit of the corrupt elite.”
More for each barrel, record prices at the pumps
Brent crude, the international standard, jumped 3.4% to $91.10 per barrel on Monday. U.S. benchmark crude oil was trading 3.6% higher at $86.40 per barrel.
That has created its own form of economic pressures globally, including in the U.S.
The national average for gasoline in August has been above $4 per gallon every day in August for the first time ever, according to the AAA. It has been the most expensive August at the pump on record, outpacing even the enormous supply chain crunch during the COVID-19 pandemic in August 2022.
Violence flaring in the Strait of Hormuz is sending markets down, oil up
U.S. markets are sliding after American forces struck Iranian rocket launchers in the Strait of Hormuz, the first military action in a month.
The futures for the S&P 500 and the Dow Jones Industrial Average both declined 0.2% on Monday. Nasdaq futures slipped 0.1%.
Meanwhile oil prices surged more than 3% after the U.S. strike on Sunday broke a lull in fighting in a war that has lasted more than six months. The Trump administration has announced a new economic campaign against Iran, but there is a significant risk of escalation in fighting.
“The Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium out of crude,” wrote Stephen Innes of SPI Asset Management. “Then Sunday arrived, with a reminder that quiet in the Strait of Hormuz is not the same as peace.”
