Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves

BREAKING: Trump announces a deal with Venezuela giving the US majority control of more than 65 billion barrels of oil reserves, calling it the 'biggest oil deal in world history'.

The United States now has majority control of 65 billion barrels of Venezuelan oil.

Trump announced it Friday night, and you can see him here, calling it the biggest oil deal in world history and claiming it comes at no cost to taxpayers. He says it more than doubles America's oil reserves, and the Strategic Petroleum Reserve is sitting at lows we haven't seen since the eighties, so the timing is not an accident.

Remember how we got here. The US attacked Venezuela in January, and Nicolás Maduro and his wife were captured in that strike. Seven months later, Washington coordinates with the new leadership in Caracas, brings in unnamed private partners, and walks away with the oil.

The backdrop is the war with Iran. The Strait of Hormuz is down to a handful of ships a day, crude is up 24 percent since the fighting started, and gas is averaging four dollars nine at the pump heading into the midterms. Trump says this deal brings prices down. Voters will grade that in November, at the gas station.

This is Sara White, reporting for HIT.