President Trump is downplaying concerns about a new oil reserve agreement with Venezuela that experts say could take years to get up and running. CBS News' Lilia Luciano has more.
Page A8From§Eachthe early evening edition — 31 August 2026
US secures Venezuela oil as Trump claims control, then hurdles block delivery
As it ran on the front
The US headlines trumpet a breakthrough: the new oil deal with Venezuela, followed by claims from Trump that the US now controls a large slice of the country’s oil reserves. The sequence is unmistakable—first the announcement, then the assertion of control, then a quick pivot to the hurdles that stand in the way of actual delivery. It’s the classic rug-pull: the promise lands, the reality keeps moving the goalposts.
This arrangement is no accident. Deals like these serve the optics first—signaling power, leverage, and the ability to secure resources abroad. But the receipts tell another story: the logistical and political hurdles remain firmly in place, and the oil isn’t crossing the border any faster than it did last week. The only thing secured is the press conference. It’s familiar territory for US foreign policy: the headline claims victory, the substance stays in committee.…
…(cont) The stakes are literal for the end consumer. Oil means heating, driving, and the cost of goods. When the deal gets stuck, the impact lands on wallets and lunchboxes long before it hits the stock ticker. The real prize here is not just oil—it’s the story of oil, and who gets to write it. Until the barrels move, the only thing delivered is the promise. The receipts say: keep your eye on the pump, not the press release.
“They tell you the US is locked out, then turn around and say they've got Venezuela's oil, and the deal's done. But the fine print says the oil's stuck behind every obstacle they can name. The only thing moving is the headline, not the barrels.”
“It's a major step forward for energy independence—well, pending some logistical matters, but that's not unusual. The president's team is working hard to ensure the best outcome. Did I say we have control? I meant we're negotiating control. That's practically the same thing.”
The receipts
President Trump announced last week that the U.S. would team up with a Venezuelan company to pump oil from a large swath of the South American nation's reserves — but actually getting that petroleum out of the ground could come with…
{beacon} Energy & Environment Energy & Environment The Big Story Trump: U.S. has control of large slice of Venezuela's oil President Trump said Friday evening that there will be “majority U.S. control” of a large swath of Venezuela’s oil…
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.