\n President Donald Trump said Tuesday night that Venezuela will turn over 30 million to 50 million barrels of oil to the United States, to be sold at market value and with the proceeds controlled by the US.\n <\/p>\n
\n Interim authorities in Venezuela will turn over \u201csanctioned oil\u201d Trump said on Truth Social<\/a>.\n <\/p>\n \n The US will use the proceeds \u201cto benefit the people of Venezuela and the United States!\u201d he wrote.\n <\/p>\n \n Energy Secretary Chris Wright has been directed to \u201cexecute this plan, immediately,\u201d and the barrels \u201cwill be taken by storage ships, and brought directly to unloading docks in the United States.\u201d\n <\/p>\n \n CNN has reached out to the White House for more information.\n <\/p>\n \n A senior administration official, speaking under condition of anonymity, told CNN that the oil has already been produced and put in barrels. The majority of it is currently on boats and will now go to US facilities in the Gulf to be refined.\n <\/p>\n \n Although 30 to 50 million barrels of oil sounds like a lot, the United States consumed just over 20 million barrels of oil per day over the past month.\n <\/p>\n \n That amount may lower oil prices a bit, but it probably won\u2019t lower Americans\u2019 gas prices that much: Former President Joe Biden released about four to six times as much \u2014 180 million barrels of oil \u2014 from the US Strategic Petroleum Reserve in 2022, which lowered gas prices by only between 13 cents and 31 cents a gallon over the course of four months, according to a Treasury Department analysis<\/a>.\n <\/p>\n