President Trump said a U.S. agreement to develop Venezuelan oil reserves would substantially reduce gasoline prices for Americans, but energy experts said any impact is likely years away. The private joint venture covers 17 strategic fields containing 65 billion barrels of proven reserves. Global Energy Monitor said new fields can take 15 years after discovery to begin producing, while Tracy Shuchart of Hilltower Resource Advisors estimated that five to 15 years could pass before Venezuelan flows affect U.S. gasoline prices. Venezuela's heavy crude is more difficult to refine than the light crude typically processed by U.S. refiners. UBS analysts also cited legal and operational obstacles, underinvestment and the country's history of nationalizations. Venezuela produced about 1.1 million barrels a day in the second quarter, up from 941,000 barrels a day in 2025, but UBS said output had risen only 100,000 to 200,000 barrels a day from a very low base roughly eight months after former Venezuelan president Nicolás Maduro's removal from office. Venezuelan President Delcy Rodríguez said the country granted a 100-year concession for the 17 fields. A U.S. official said the U.S. government will control 55% of the venture through equity and the ability 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. Chevron remains the only American oil company actively producing in Venezuela after ExxonMobil and ConocoPhillips left following the nationalization of their assets and later won compensation claims. Trump is scheduled to meet U.S. energy refiners and distributors on Tuesday. In the near term, oil-market effects from the Iran war are having a greater influence on gasoline prices: West Texas Intermediate rose $2.42, or 2.9%, to $85.78 a barrel on Monday after a U.S. attack on Iranian rocket launchers in the Strait of Hormuz. Amy Myers Jaffe of New York University's Energy, Climate Justice and Sustainability Lab said the deal could help over the long run but would not change retail gasoline prices for Labor Day weekend.