Vance Says Venezuela Strategy Could Help Build US Energy Security

US Vice President JD Vance has said the United States is effectively creating a new 65 billion-barrel oil reserve, describing the move as part of the administration’s broader effort to strengthen the country’s energy security.

Vance contrasted the administration’s approach with the previous Biden administration, which he accused of drawing down the Strategic Petroleum Reserve (SPR) in an effort to reduce fuel and oil prices ahead of the midterm elections.

“We had, for a very long time, the Biden administration draining the Strategic Petroleum Reserve purely for the purpose of lowering gas and oil costs,” Vance said.

According to Vance, the current administration is taking a different approach by leveraging relationships developed following its Venezuela operation to expand America’s access to energy resources.

He said the strategy could significantly increase US energy security while also creating a mechanism to generate revenue for the people of Venezuela.

Focus on Energy Security

Vance's remarks come amid continued US efforts to secure reliable energy supplies and strengthen its position in global energy markets. The administration's approach places greater emphasis on expanding available oil resources and building strategic partnerships.

The reference to a 65 billion-barrel reserve represents a major figure in the administration's energy-security narrative, although the exact structure and composition of what Vance described as a new reserve would require further clarification.

The comments also highlight the administration's evolving relationship with Venezuela, where oil resources remain central to the country's economy.