Trump announces MASSIVE oil deal: ‘Historic’

O. YOU. GRIFF: ADAM, THANK YOU VERY. MUCH. SO THE U.S. IS TAKING CONTROL OF. 65 BILLION BARRELS OF OIL. RESERVES FROM VENEZUELA. PRESIDENT TRUMP ANNOUNCING WHEN. HE -- WHAT HE CALLED THE BIGGEST. OIL DEAL IN WORLD HISTORY. SAYING, QUOTE, THIS HISTORIC. TRANSACTION MORE THAN DOUBLES. AMERICAN OIL RESERVES, GREATLY. INCREASES OUR OIL SUPPLY AND. WILL SUBSTANTIALLY LOWER GAS. PRICES FOR ALL AMERICANS LONG. INTO THE FUTURE. HERE TO REACT, OIL TRADER AND. FOX BUSINESS CONTRIBUTOR PHIL. FLYNN. SO, PHIL, WHEN YOU HEARD THIS.

ANNOUNCEMENT, WHAT WAS YOUR. REACTION? >> I WAS, LIKE, WOW, THIS IS. HISTORIC. IT'S UNLIKE ANYTHING WE'VE. REALLY SEEN BEFORE. YOU KNOW, AND A LOT OF PEOPLE. ARE WORRIED ABOUT US DRAWING. DOWN OUR STRATEGIC PETROLEUM. RESERVE. NOW WE HAVE THE BIGGEST. STRATEGIC PETROLEUM RESERVE IN. HISTORY, IT'S CALLED VENEZUELA. I THINK THIS IS A WIN. IT'S A GENERATIONAL WIN FOR. AMERICANS BECAUSE IT IS GOING TO. LEAD TO A GENERATION OF LOW. PRICES. AND IT'S A WIN FOR THE PEOPLE OF. VENEZUZUELA AS WELL BECAUSE THE.

UNITED STATES HAS THE TECHNOLOGY. AND THE PEOPLE TO DEVELOP THOSE. OIL FIELDS UNLIKE ANYTHING. VENEZUELA HAS BEEN EVER ABLE TO. DO IN HISTORY. SO THIS IS A BIG DAY, AND I'M. REALLY EXCITED ABOUT IT. GRIFF: SO, CLEARLY, OBVIOUSLY WE. KNOW OUR STRATEGIC PETROLEUM. RESERVE WAS LOWER. THIS IS GOING TO HELP GREATLY, BUT MANY AMERICANS ARE GOING TO. WONDER, PHIL, WILL THIS QUICKLY. BRING OUR GAS PRICES DOWN? >> NOT, NOT OVERNIGHT, GRIFF. IT'S GOING TO BE A GENERAL.

GENERATIONAL THING --. GENERATIONAL. PSYCHOLOGICALLY, IT WILL BECAUSE. IT'S ANOTHER SIGN THAT THE. CONFLICTS IN THE WORLD THAT HAS. KEPT PRICES HIGH FOR YEARS ARE. STARTING TO COME TO AN END. I MEAN, WE'VE BEEN PAYING A. VENEZUELAN PREMIUM WHEN HUGO. CHAVEZ TOOK OVER THE COUNTRY AND. THEN MADURO, YOU KNOW? WE WEREN'T'T GETTING THOSE. SUPPLIES. THAT LED TO HIGHER PRICES FOR. AMERICA. THIS IS A TREND THE OTHER. DIRECTION. AND ON TOP OF THAT, YOU KNOW, IF. WE CAN GET THE STRAIT OF HORMUZ. OPEN, WE WILL SEE A BIG DROP IN.

GASOLINE PRICES. SO IT'LL BE A DOUBLE WHAMMY, YOU. KNOW, AGAINST HIGH ENERGY. PRICES. GRIFF: SO IT'LL TAKE, OBVIOUSLY, SOME TIME THEN TO BRING THOSE. PRICES DOWN HERE AT HOME. BUT DO YOU ANTICIPATE THE. MARKETS, THE PRICE OF OIL COULD. BE AFFECTED ON MONDAY? >> YEAH, I THINK IT CAN BE. I THINK PSYCHOLOGICALLY IT WILL. PUT SOME DOWNWARD PRESSURE ON. PRICES. OBVIOUSLY, THEY'RE WATCHING NEWS. OUT OF IRAN, BUT DEFINITELY, I. THINK THIS IS A WIN NOT ONLY IN. THE SHORT TERM, BUT IN THE LONG.

TERM. RIGHT? AND IF YOU'RE LOOKING FOR. GASOLINE PRICES TO FALL TEN. CENTS OVERNIGHT, PROBABLY NOT. GOING TO HAPPEN. BUT I WILL TELL YOU THIS, IT'S. GOING THE PUT THE -- US IN THE. POSITION TO HAVE THE LOWEST. GASOLINE PRICES IN THE WORLD. AND THAT IS SOMETHING THAT IS. GOING TO BE PAYING DIVIDENDS, YOU KNOW, FOR GENERATIONS, YOU. KNOW? NOT JUST FOR US, BUT FOR OUR. KIDS AND OUR GRAND KIDS. GRIFF: THAT'S REMARKABLE. THAT IS UNBELIEVABABLE, THAT THT. COULD CREATE SUCH A LONG-TERM, POSITIVE BENEFIT.

FLYNN, THANK YOU FOR YOUR. INSIGHT AS ALL, SIR.