Trump Credits Venezuela Oil Grab for Lower US Fuel Prices, Economic Growth

Speaking at the Detroit Economic Club, Trump described US involvement with Venezuela as successful and said it was now playing a role in boosting energy supply.

"Even Venezuela wasn't too bad, was it?" Trump said, calling the operation "as flawless an attack as there has ever been."

He said the United States was now working with Venezuelan representatives and pointed to the country's oil reserves as central to the effort.

"They have 50 million barrels of oil," Trump said. "They said take it, it's $5 billion, and we did."

Trump said the oil was being brought into the United States for refining and would help lower gasoline prices.

"We're bringing it in to be refined," he said. "It's an incredible feeling."

He emphasised the scale involved, noting that shipping the oil would require dozens of large vessels.

"The biggest ships in the world can take one million barrels," Trump said. "We need 50 of the biggest ships in the world just to get it out."

Trump directly linked Venezuelan oil to falling fuel prices in the United States.

"With our extremely successful operation in Venezuela earlier this month, that number soon is going to go lower," he said, referring to gasoline prices.

He said fuel prices were already down sharply. "Gasoline is now under $2.50 a gallon in 17 states," Trump said. "Under $2 in many places."

Trump argued that lower energy costs were easing pressure across the economy.

"When gasoline gets to be $1.99 a gallon, everything comes down," he said. "The donuts come down. The truck that delivers the donuts comes down."

Trump contrasted the current situation with the previous administration, saying the United States had been on a dangerous path.

"Had they won the election less than one year ago, we would have been Venezuela on steroids," he said.

He said the administration had reversed that trajectory and was now cooperating with Caracas. "Now I'm Venezuela's biggest fan," Trump said. "We're working with them."

Trump said an increased oil supply would allow prices to fall further and support economic growth.

"We're going to work with Venezuela," he said. "We'll make that country very strong again."

Trump also tied Venezuela to his broader security and immigration narrative. He accused the country of sending criminals to the United States and said enforcement efforts were underway.

"One of the reasons I was so angry with Venezuela, they emptied their prisons almost entirely into the United States," he said.

He cited the Tren de Aragua gang, calling it "one of the most violent gangs anywhere in the world," and said the administration was removing its members. "We're getting them out," Trump said.

Trump framed Venezuela alongside other foreign policy actions he described as successful, listing operations against militant leaders and strikes on Iran's nuclear facilities, which he also called "flawless."

He said energy policy was central to controlling inflation and restoring economic confidence.

"When you see energy coming down as I brought it down, gasoline coming down, that brings everything else down," he said.

Venezuela holds some of the world's largest proven oil reserves, but production has been constrained for years by sanctions, infrastructure problems and political instability. Changes in US policy toward Venezuelan oil have often affected global energy markets.

Energy prices remain a key political issue in the United States, especially after sharp increases following the pandemic and global supply disruptions. Trump has repeatedly argued that expanded energy supply, including foreign sources, is essential to lowering inflation and sustaining growth.

- IANS