GasBuddy analyst Patrick De Haan says President Donald Trump's Venezuela oil deal would be beneficial to offset oil shortages due to the Iran war, but warned that the deal could warrant multi-billion-dollar investments to have an impact on gas prices.
Trump's Deal Sounds Promising On Saturday, De Haan took to the social media platform X following Trump's announcement.
"Sounds promising, but it still will take billions of investment to get that oil," De Haan said.
The analyst then said that Venezuela had vast "proven oil reserves" which were different than the U.S.'s Strategic Petroleum Reserve (SPR).
"65 billion is what geologists estimate VZ *may* have," he said.
