This article originally appeared on PolitiFact.
Almost nine months after the United States deposed Venezuelan leader Nicolás Maduro, President Donald Trump struck a deal to give the U.S. a key role in the oil industry of Venezuela — a nation with huge oil reserves but crumbling infrastructure.
In an Aug. 31 Oval Office event, Trump tacitly acknowledged that the agreement to secure billions of barrels of Venezuelan oil at favorable prices would not immediately lower U.S. consumers' gasoline prices, which have remained high for the past six months.
But Trump said he expects eventual benefits for U.S. consumers: "Ultimately, prices are going to come down. Now, will it happen before the election? I can't tell you that."
WATCH: Analyst breaks down challenges U.S. will face to unlock Venezuela's oil
