Trump says Venezuelan oil could replenish depleted U.S. stockpiles. Will it?

Updated on: September 1, 2026 / 5:06 PM EDT / CBS News

President Trump has framed last week's deal for the U.S. government to take a stake in Venezuela's oil reserves as a boon not just for gas prices, but also for the Strategic Petroleum Reserve, which has dropped to historically low levels.

"One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves," Mr. Trump wrote on social media Sunday, saying "the 'topping out' process will begin very shortly, and is a Gift from Venezuela to the People of the United States."

The plan could face hurdles, energy experts say. The oil produced in Venezuela is far heavier than most of the crude in U.S. reserves and would need to be converted. And rebuilding Venezuela's ailing oil industry could take years, requiring oil producers to invest billions while navigating the country's still-uncertain political and legal landscape.

"This project is very unlikely to produce new investment and new production anytime soon," said David Goldwyn, a former federal energy official who serves as president of the consulting firm Goldwyn Global Strategies and chairs the Atlantic Council's energy advisory group. He predicted the…

Original source: https://www.cbsnews.com/healthwatch/