Trump: President Donald Trump said that his administration’s strategy to boost Venezuela’s oil output will strengthen American energy supremacy and lower energy prices in the US.

Trump told oil and gas executives at the White House on Friday that Venezuelan petroleum will boost supplies and supplement record US output.

Trump said, “Even lower energy prices will be one of the things the United States gets out of this.”

He said that, in contrast to prior years when prices were above $4 per gallon, current gasoline prices range from $1.92 to $1.99.

According to Trump, US refineries are in a good condition to handle heavy crude from Venezuela.

“We are capable of refining,” he said. “In reality, it was heavily dependent on Venezuelan oil.”

US oil and gas output has hit all-time highs, according to Energy Secretary Chris Wright.

“The United States is currently experiencing record levels of oil and natural gas production,” Wright said.

Wright said that previous sanctions that denied the Venezuelan people benefits had not prevented Venezuelan oil from reaching international markets.

He said, “That oil just floated out.”

Trump said that US oil firms will contribute at least $100 billion to reconstruct Venezuela’s infrastructure, guaranteeing steady profits and generating employment.

They will earn a substantial sum of money. “They will receive their money back,” Trump said.

According to Vice President J.D. Vance, the program would enhance national security and lessen drug trafficking.

It will increase the wealth of our nation. It will increase the strength of our nation,” Vance said.

Trump said that American consumers and labor will win from economic growth.

He said, “This results in many jobs for Americans and lower taxes.”

Prior to sanctions that limited imports, Venezuela was a significant supplier to US refineries, and energy costs in the US are directly correlated with the world’s crude supply.