White House unveils more details of Trump’s Venezuela oil deal

NEW: White House says Trump's Venezuela oil deal gives a new US-Venezuelan joint venture 100-year rights over 17 oil fields, with the Pentagon taking a 35% stake in roughly one-fifth of Venezuela's oil reserves.

The Pentagon now owns a piece of Venezuela's oil. Thirty five percent, to be exact.

The White House put out the fine print overnight. A new joint venture with North American Blue Energy Partners, owned by Venezuelan businessman Alejandro Betancourt, gets 100 year rights over 17 oil fields holding 65 billion barrels of proven reserves. That's roughly one fifth of everything Venezuela has in the ground. Betancourt's putting up 100 billion dollars in infrastructure, and Washington gets to buy 20 percent of the output at cost.

Defense Secretary Pete Hegseth and Secretary of State Marco Rubio signed it. Venezuela's acting President Delcy Rodriguez handed over the fields, many of which used to belong to Russian and Chinese firms. That detail is doing a lot of work here.

Trump admits your petrol won't get cheaper anytime soon. But the American military just became an oil shareholder in a foreign country, on a contract written to outlast everyone alive today.

This is Sara White, reporting for HIT.