The deal involves developing 17 strategic oil fields in Venezuela, an undertaking that experts said could take years.
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Trump touts Venezuela oil deal as experts promise no relief at the gas pump
Trump’s Venezuela oil deal is pitched as a remedy for high gas prices (30), but industry experts are clear: Americans won’t see any changes at the pump ‘anytime soon’ (36). Ruth’s column lays out the ledger: the deal is a headline, but the receipt is a price that doesn’t budge. She observes the gap between promise and payout, noting that the average consumer’s relief is deferred, and the only thing moving is the narrative. The numbers are precise: the price at the pump is unchanged, and the timeline for change is indefinite. Chip’s defense is a jumble of immediate impact and patience, ultimately conceding that the deal is more about optics than outcomes. Ruth closes by noting that the market moves only when the math does, and the math isn’t on the side of the working family.
“It’s a classic bait-and-switch: Trump promises cheaper gas after a new oil deal, but the experts say don’t expect a change anytime soon. The price moves on TV, not at the pump.”
“The administration is working hard to secure new sources of oil, and sometimes there’s a lag before consumers see the benefits. Did I say lag? I meant immediate impact—no wait, not immediate. The important thing is the deal itself, which shows leadership. Or patience. Or both.”
The receipts
Michael Noel, an economics professor at Texas Tech University, joins CBS News 24/7 to discuss the Trump administration's deal with Venezuela, and if it will actually provide any relief at the gas pump.
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.