Trump Touts Venezuela Oil Deal and 51st State Ambitions Amid Midterm Campaign

Key points

• Trump claimed a new deal with Venezuela’s interim government will deliver 'billions' of barrels of oil, describing it as the 'greatest oil victory in history.'
• The president stated that Venezuela might become the 51st US state, adding it to a list of territories he has previously suggested acquiring, including Greenland and Canada.
• US national average gas prices remain above $4.26, with diesel exceeding $6, driven by the closure of the Strait of Hormuz during the Iran war.
• Critics note that no elections have been held in Venezuela since Maduro’s detention, and the interim leader has not set a date for democratic transition.
• Trump’s approval rating has fallen to 36%, with 64% disapproval, as voters face rising costs of living and fuel prices.

Background

This development follows a series of high-profile meetings between Trump and Venezuelan interim leader Delcy Rodríguez in September 2026. Previous coverage highlighted a 100-year oil concession deal granting US access to over 65 billion barrels of reserves, a figure experts have disputed, estimating actual proven reserves at 60 to 120 billion barrels. While Rodríguez promised future elections at the UN, she deferred setting a specific date, drawing criticism from opposition figures like María Corina Machado who view the US-backed transition as illegitimate.

How outlets are covering it

The Guardian emphasizes the controversial nature of Trump’s foreign policy, noting that his aggressive actions, including the Iran war and tariffs, have led to record-low approval ratings. It highlights skepticism regarding the oil deal’s legitimacy and the lack of democratic progress in Venezuela. Fox News, in contrast, frames the Texas campaign stops as a necessary effort to rally Republican voters in competitive races, such as the Senate contest in Texas and Kansas. Fox focuses on the urgency of the midterm elections and the need to counter Democratic gains, while also noting that some Trump supporters in Georgia urge voters to 'give him time' despite high gas prices. The two outlets diverge on the framing of the Venezuela deal: The Guardian views it as a symptom of unpopular foreign policy, while Fox presents it as part of a broader strategy to secure Republican control of Congress.

Why it matters

The Venezuela oil deal and statehood rhetoric signal a shift in US foreign policy toward direct resource acquisition in the Western Hemisphere. This approach aims to alleviate domestic energy costs but risks deepening geopolitical tensions and undermining democratic norms. As midterm elections approach, the success of this strategy will be tested by voter turnout and the ability of Republicans to retain control of Congress despite economic headwinds.

What to watch

Voters will cast ballots in next week’s midterm elections, with key races in Texas, Kansas, and Georgia potentially determining control of the Senate. The interim government in Venezuela faces pressure to schedule elections, while the US administration will likely continue to promote the oil deal as a success story. Gas prices may remain volatile depending on developments in the Iran conflict and the Strait of Hormuz.