The US Department of Energy reported on August 28, 2026, that the Strategic Petroleum Reserve fell to a record low of 286.6 million barrels. ^[1] A US official stated on Tuesday that the US government will make zero investment of dollars in the new venture and will not use taxpayer money. ^[2] The Trump administration's proposed oil deal with Venezuela requires an estimated $100 billion in investment to build infrastructure and increase production. ^[3] US President Donald Trump and Venezuela's interim leader Delcy Rodríguez announced a new agreement on 2026-01-15 that places Venezuela's oil reserves back in the global spotlight. ^[4] Under the new US-Venezuela energy agreement, North American Blue Energy Partners (NABEP) received 100-year concessions covering 17 Venezuelan oil fields. ^[5] US Energy Secretary Chris Wright said the US could swap heavy Venezuelan crude for lighter American oil to help refill the Strategic Petroleum Reserve, because some of Venezuela's heavy crude grades are not suitable for the reserve directly. ^[6] During the first half of August 2026, US drivers paid an average of $4 per gallon for gasoline and $5.40 per gallon for diesel fuel. ^[7] The current level of the Strategic Petroleum Reserve is approximately 40% of its total capacity, which can hold up to 714 million barrels. ^[8] US crude oil inventories decreased by more than three million barrels during the week ending August 28, 2026. ^[9] In return for the investment, the US government will receive a 35% equity interest in the business and the right to buy 20% of future crude oil production at production cost. ^[10] NABEP is led by businessman Alejandro Betancourt and is set to receive leases for oil fields in Venezuela under the new agreement. ^[11] The agreement grants a 100-year drilling right to the company over the 17 oil fields. ^[12]