Trump Says Inflation Down, Gas Prices Fall As US Receives 80 Million Barrels Of Oil From Venezuela

Addressing the 2026 State of the Union, United States President Donald Trump on Wednesday said his administration has brought inflation down significantly within a year, while also reducing fuel prices across the country.

Trump stated that his government had inherited an economy facing major challenges, including high inflation levels. He said that within 12 months, core inflation had been reduced to its lowest level in more than five years. According to the President, inflation stood at 1.7 per cent in the last three months of 2025.

He also pointed to a decline in gasoline prices, saying that fuel, which had crossed six dollars per gallon in some states earlier, has now fallen below 2.30 dollars per gallon in most parts of the country. In some locations, he claimed, prices were as low as 1.99 dollars per gallon.

US Receives Oil From Venezuela

During his address, Trump also spoke about developments in the United States' energy partnerships. He said that the country has received more than 80 million barrels of oil from Venezuela, which he described as a new partner.

This figure marks an increase from the 50 million barrels cited by him in a public appearance last week. Venezuela, which holds the world's largest proven oil reserves, produces close to one million barrels of oil per day.

Trump added that the United States intends to continue managing Venezuela's oil sales and revenues following last month's military operation in Caracas that led to the capture of former President Nicolás Maduro.

Plans To Rebuild Venezuela's Energy Sector

The President said his administration wants American oil companies to invest up to 100 billion dollars in rebuilding Venezuela's oil industry to its previous production levels.

He stated that profits from future oil production could be shared among Venezuelan citizens, the United States and participating companies.

Invitation To US Women's Hockey Team

Trump also used the platform to invite the United States women's hockey team to the White House in the coming weeks. The team had earlier declined an invitation to attend the State of the Union address due to scheduling issues.

The President said the Olympic gold medal winning team would be formally honoured soon in recognition of their recent achievement at the Milano Cortina Games.

Opening the address, Trump declared that the country had overcome its earlier challenges and claimed that economic conditions had improved over the past year with rising incomes and stronger national security measures in place.