larry johnson speaks about venezuelan oil;

 

 

My friend, Karl Miller, is out with a great piece that exposes Trump’s claims about Venezuelan oil as a massive case of gaslighting. I am summarizing his piece, which is titled,“Venezuela Oil: The Physical Barrel and the Capital Bill,” because it is not publicly available via a link.

On 27 August 2026, President Trump announced what he called the biggest oil deal in world history — a US–Venezuela agreement giving the United States majority control of more than 65 billion barrels of Venezuelan reserves, which he said would “substantially lower Gas Prices for all Americans.” The pitch landed with gasoline near $4.09 a gallon, about 27% higher than a year earlier and on track for the most expensive August on record, as a six-month Iran war and the Hormuz disruption kept a fifth of world supply under strain — and with the midterms two months away.

Independent analysts noted the arithmetic fails on that timeline: the 30 to 50 million barrels Trump floated is less than half a day of global consumption, the 65 billion is an in-ground estimate rather than available supply, and any price effect would take years. Miller’s briefing goes underneath that objection to the more fundamental one: Venezuelan crude is the wrong substance to fix the shortage Americans feel at the pump. It is not a magical fix. In the near term it is not a fix at all.

The point most likely to be missed...........more...........