President Trump said Friday that a U.S. agreement to develop Venezuelan oil reserves would substantially reduce gasoline prices for Americans over time, as the average U.S. gas price remains above $4 a gallon nationwide. The deal covers 17 strategic oil fields with proven reserves of 65 billion barrels, but energy experts say production and consumer benefits could take years. Global Energy Monitor said new fields can require 15 years after discovery to begin producing, while Tracy Shuchart of Hilltower Resource Advisors estimated five to 15 years before Venezuelan supply could affect U.S. gas prices. Venezuela’s heavy crude (dense oil that requires more complex refining) is more difficult to process than the light crude typically handled by U.S. refiners. GasBuddy analyst Patrick De Haan said the agreement signals White House concern about high fuel prices but is unlikely to have a near-term effect. UBS analysts also cited legal and operational obstacles. Venezuela has just over 300 billion barrels of proven reserves, while the U.S. has less than 50 billion, but restoring Venezuela’s industry to full capacity could require at least $100 billion. Production reached about 1.1 million barrels a day in the second quarter, up from 941,000 barrels a day in 2025. The private joint venture includes a 100-year concession, with the U.S. government controlling 55% through equity and the right to obtain oil at cost. Secretary of State Marco Rubio said the project could attract nearly $100 billion in private investment and support thousands of jobs. President Trump is scheduled to meet U.S. refiners and distributors Tuesday. In the near term, oil prices are being influenced more by the Iran war, with West Texas Intermediate rising $2.42, or 2.9%, to $85.78 a barrel on Monday. Analysts said the Venezuelan project could help over the long run but would not change retail gasoline prices for Labor Day weekend.