Kind of a Big (Oil) Deal

The U.S. and Venezuela struck a historic oil deal this weekend.

The South American nation sits atop the world’s largest oil reserves (see the treasure oilfield map), but political instability and poor infrastructure have kept it from steady output. The 25-year agreement aims to:

• Develop 17 strategic oil fields through private investment;
• Increase oil output to 1.5M barrels per day (up from ~1.25M/day);
• Maintain Caracas’s sovereignty over its resources;
• And give Uncle Sam majority control over 65B barrels of reserves.

Trump celebrated the “biggest oil deal in world history,” saying it’d come at “no cost to the American taxpayer” and would lower gas prices (see how your state compares to today’s national average). Venezuelan Interim President Delcy Rodríguez said the contract could generate up to $209B/year in revenue for Venezuela. Critics called the deal a “massive land grab.”

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CHRISTIAN PERSPECTIVE
When deals are struck that impact our wallets, it can be easy for our emotions (whether positive or negative) to flare. But believers have reason to be joyful and generous in all kinds of circumstances, whether gas costs $5 or 50¢.

“I know how to make do with little, and I know how to make do with a lot. In any and all circumstances I have learned the secret of being content — whether well fed or hungry, whether in abundance or in need. I am able to do all things through him who strengthens me.” 
Philippians 4:12-13 (CSB) (read full passage)