President Donald Trump announced Friday night that the United States has entered into a massive oil deal with Venezuela, which he said will "more than double" American oil reserves at no cost to taxpayers.

The president said the deal, which will be overseen by War Secretary Pete Hegseth and Secretary of State Marco Rubio, secures majority U.S. control of more than 65 billion barrels of oil reserves in Venezuela.

"This Historic Transaction more than doubles American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity," Trump posted on Truth Social. 

"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States," he continued. "Thank you for your attention to this groundbreaking matter."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.