Commentary

Trump Claims He Will Fill the Strategic Petroleum Reserves with Venezuelan Oil

White House comedy intensifies.

Trump’s Claim

Truth Social: One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied. The “topping out” process will begin very shortly, and is a Gift from Venezuela to the People of the United States. Thank you! President DONALD J. TRUMP

Aug 30, 2026, 8:10 AM

Filling the reserves is just one thing Trump will do with Venezuelan oil.

Six More Things

  1. Balance the budget
  2. Lower gasoline prices to 65 cents
  3. Make Venezuela Great Again
  4. End six more wars
  5. Eliminate the Income tax
  6. Turn water into wine

Best of all, it’s a no-cost gift from the people of Venezuela to the United States.

What Would It Take?

Deal Denounced

Bing Bing

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Deal Explained

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Not to worry. I am sure this deal will balance the budget, turn water into wine, and eliminate the income tax, among other things.

More seriously, What’s in Trump’s Allegedly Greatest Oil Deal in History, with Venezuela?

The deal is illegal, with no immediate impact. But Canada is warned.

Article posted with permission from Mish Shedlock

Mish Shedlock

Mike Shedlock / Mish is a registered investment advisor for SitkaPacific Capital Management. On “MishTalk,” global economics blog, he writes several articles a day on the global economy. Topics include interest rates, central bank policy, gold and precious metals, jobs, and economic reports, all from an Austrian Economic perspective.

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