September 1, 2026 • 18 mins
In this episode of the 47 Morning Update w Ben Ferguson, Ben examines the Supreme Court's decision allowing work on the White House ballroom project to proceed despite ongoing litigation. They discuss the Court's analysis of standing, the debate over presidential authority, and what the ruling could mean for future legal challenges against executive actions. The conversation then turns to a newly announced Venezuela energy agreement that the administration describes as a historic opportunity for American energy access. Ben breaks down the reported structure of the deal, the role of private investment, the strategic implications for U.S. energy policy, and the administration's argument that greater access to Western Hemisphere energy resources could reduce dependence on hostile foreign suppliers.
A 5-4 Supreme Court decision allows construction of the new White House ballroom and related complex to continue while legal challenges move forward. The ruling focuses on whether the groups bringing the lawsuit have standing to sue, a question that could have implications beyond this single project. At the same time, the Trump administration is highlighting a major energy agreement tied to Venezuelan oil reserves. Supporters argue the deal could strengthen long-term U.S. energy security, reshape geopolitical influence in the Western Hemisphere, and eventually affect energy markets.
Topics Covered:
- Supreme Court's 5-4 ruling on the White House ballroom project
- Legal debate over standing and federal court challenges
- Ongoing litigation involving the National Trust for Historic Preservation
- Reported U.S. access to Venezuelan oil reserves and production rights
- Energy security, oil markets, and long-term supply strategy
- Geopolitical competition involving Venezuela, Russia, China, and the United States
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Episode Transcript
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Speaker 1 (00:00):
Today's 5-4 decision is a big win for the president.
As the administration says, crews are working 20 hours a
day on the complex that includes both the ballroom and
those underground military installations. Well, the court had this to say.
It said it's not passing judgment on the legality of
the project, but it did hold that the plaintiff challenging
the ballroom project likely doesn't actually have the right to
(00:23):
sue the Trump administration over it.
Speaker 2 (00:25):
You're listening to the 47 Morning Update with Ben Ferguson.
Speaker 3 (00:29):
Good Tuesday morning. Nice to have you with us on
the 47 Morning Update. And we've got two big stories
for you. First up, a major win for the president
of the United States of America at the Supreme Court.
This time dealing with the ballroom, I'm not joking, that
he's redoing and building at the White House. So how
unhinged has the left become over this? It's amazing.
Speaker 4 (00:51):
And we have it all for you. Up next, a big.
Speaker 3 (00:54):
Announcement from the White House that can affect exactly what
you're paying at the pump. It also can affect our
national security for decades to come.
Speaker 4 (01:02):
The biggest oil deal in history between the U.S. and Venezuela.
What's in it and what does it mean?
Speaker 3 (01:08):
We break it down for you. Now, before we get
to that, the midterm elections, they're heating up. Congressional control
and President Trump's agenda hang in the balance. Every headline
has the potential to shift the odds. On CalSheet, you
can trade major primaries, election outcomes, and the biggest political
storylines as they happen.
Speaker 4 (01:28):
Now, if you go to the.
Speaker 3 (01:29):
CalSheet political hub, you're going to get to see things
like this. For example, will Mitch McConnell resign his office
before the midterms? Will the Clarity Act become law? Who
will leave the role in the Trump administration this year?
With different names that you can look at. It really
is so much fun to see exactly what's happening. And
(01:49):
then there's the big races. For example, will Ken Paxton
defeat Tallarico in the Texas Senate race? Right now, Paxton
is currently trading at 50%. Meaning a $ 100 trade would
pay out $ 93 if he beats Tallarico. Now on CalSheet,
you're trading against peers in a live market. Meaning there's
(02:12):
no house. And as the probability changes, you can buy
in and out of your position. So download the CalSheet
app and use code BEN. You're going to get $ 20
when you trade $ 20.
Speaker 4 (02:26):
K-A-L-S-H-I. Kalshi. You can trade on anything.
Speaker 5 (02:31):
18 plus only. Restrictions and eligibility requirements apply. Event contract
trading involves risk and may not be suitable for all investors.
Kalshi products are not available in all jurisdictions. Prices, values,
and available markets may differ from those mentioned. For more information,
see Kalshi.com slash regulatory.
Speaker 4 (02:46):
It's the 47 Morning Update, and it starts right now.
Speaker 2 (02:50):
Story number one.
Speaker 3 (02:51):
The Supreme Court handed Donald Trump a major win. And
it was not just a big win for him in general.
It was also a personal win after the harassment by
so many on the left. The White House ballroom can
now move forward yet again. Proving that when the people
actually decide who they want their president to be, that individual,
(03:13):
whether it's Republican or Democrat, should be able to do
what they need to do as president. Donald Trump not
only scoring this major victory at the Supreme Court, But
now it allows the president to move forward with that
White House ballroom that suffered a massive setback.
Speaker 4 (03:30):
It was a 5-4 decision, and the.
Speaker 3 (03:32):
Supreme Court ruled Monday that construction can continue on the
new White House ballroom and associated complex while, quote, the
legal battle plays out. Now, the decision blocks the lower
court rulings, and they were activist judges that would have
stopped the above-ground construction. And understand what that means practically.
(03:52):
The cranes keep moving. The workers keep building. The project,
it now keeps going forward. Now, the ballroom project is enormous.
It's about 90,000 square feet with an estimated price tag
that was originally around $ 400 million. The broader redevelopment also
includes significant underground military and security facilities, which are needed.
(04:14):
Trump has argued that the White House desperately not only
needed a permanent world-class space for major state events... rather
than repeatedly relying on temporary structures for large gatherings. Almost immediately,
the left and the opponents and the media, well, they
tried to stop him. The National Trust for Historic Preservation sued,
arguing that Trump did not have the authority as the
(04:35):
president to undertake a dramatic transformation of the White House complex.
without what they demanded, congressional approval.
Speaker 4 (04:43):
Well, guess what? The Supreme Court said they were wrong. Now,
they did find success in the lower courts.
Speaker 3 (04:49):
They found activist judges, and a federal district judge moved
to block the above-ground construction, and the D.C. Circuit upheld
that injunction as well. Now, had the Supreme Court not intervened,
construction would have faced a major shutdown. Here is how
Fox News described the news as it broke.
Speaker 6 (05:08):
As mentioned at the top, breaking tonight, a divided Supreme
Court allows the White House to continue construction on its
$ 400 million ballroom project as lawsuits play out. The president
posted news about that a short time ago, calling the
project part of the golden age of America. Fox News
chief legal correspondent, anchor of Fox News Sunday, Shannon Bream,
has details tonight.
Speaker 1 (05:28):
Good evening, Shannon. Good evening, Brett. Well, today's 5-4 decision
is a big win for the president. As the administration says,
crews are working 20 hours a day on the complex
that includes both the ballroom and those underground military installations. Well,
the court had this to say. It said it's not
passing judgment on the legality of the project, but it
did hold that the plaintiff challenging the ballroom project likely
(05:51):
doesn't actually have the right to sue the Trump administration
over it. Quote, we conclude only that based on the
submissions before us, the government is likely to prevail in
showing that the National Trust for Historic Preservation in the
United States lacks Article 3 standing to challenge the project
in federal court. But the dissenters, and this is an
interesting lineup, they were led by Chief Justice Roberts, included
(06:13):
Justices Sotomayor, Kagan, and Jackson. They argue that the National
Trust Executive Committee member, Alison Hoagland, does have standing, quote,
given the distinctive nature of the White House and Hoagland's
focused and substantiated interest in viewing it in its traditional form,
her aesthetic injury from the construction of the ballroom is
(06:34):
concrete and particularized. Now, that doesn't mean the legal battle
over the ballroom is over, though, only that while the
fights play out, construction can continue.
Speaker 3 (06:45):
Now, this is exactly why Democrats and the media, of course,
are livid this morning. The majority, by the way, made
a very important point. They said disagreement with what a
president is doing does not automatically give someone the legal
right to sue. The Supreme Court's majority concluded that the
National Trust likely doesn't have Article 3 standings. Now, what
(07:08):
does that mean in plain English? The court questioned whether
this organization has suffered the kind of concrete personal injury
necessary to bring this lawsuit in federal court in the
first place. And as the court put it, quote, mere offense,
disagreement or distaste for a project does not amount to
the concrete injury required for standing in the court. Now,
(07:32):
that is significant far beyond this ballroom, because the argument
from the administration is essentially this. You cannot simply turn
the federal judiciary into a political veto whenever an advocacy
organization disagrees with a president's decision. That is good news,
by the way, for this president and future presidents, by
(07:53):
the way. And the Supreme Court's majority concluded that the
government is likely to prevail on its argument. and that
the National Trust doesn't have the standing to challenge the
project like they've been claiming. Now, there's also an important
legal distinction here. The Supreme Court did not rule that
every aspect of Trump's ballroom project is definitely or definitively legal.
(08:16):
The majority specifically said it was not deciding the ultimate
legality of the East Wing project. It ruled on the
standing question that the government's request to keep construction going
while litigation continues.
Speaker 4 (08:29):
is something they said yes to.
Speaker 3 (08:31):
And that is the reason why this matters so much,
because time is really what this is about. There is
now time for the president to do what he needs
to do. Construction is already underway. The administration has argued
that stopping a massive construction project in the middle of
the process would would impose not only serious costs and
interfere with security related work connected to the broader complex.
(08:55):
And the Supreme Court agreed that the government's interests favored
allowing the work to continue. Now, this is exactly why,
by the way, the president immediately decided to celebrate. The
president said the project can now move ahead without the uncertainty.
that has surrounded it because of the radical left. And
when completed, he said, in the summer of 2028, the
(09:16):
ballroom and the military complex will be something the entire
country can be proud of. So congratulations to President Trump
for being able to actually be the president and do
something incredible for the American people at our White House.
Speaker 2 (09:30):
Now, story number two.
Speaker 3 (09:32):
President Trump is getting win after win right now, and
the Venezuelan oil deal is another example of it. The
White House calling it the biggest oil deal in history.
And not only could it be one of the most
consequential energy deals an American president has ever negotiated, but
it could mean falling prices for you. President Trump is
(09:52):
calling the new agreement with Venezuela the biggest oil deal
in the world.
Speaker 4 (09:57):
And the White House released more of the details.
Speaker 3 (10:00):
So here is what we know number one 65 billion
barrels of proven oil reserves that's the big number that
everyone needs to understand the white house says the agreement
gives the united states majority effective control over production tied
to more than the 65 321 tied to that 65
(10:21):
billion barrels of Venezuelan oil reserves. Now, to put that
in perspective, the White House says the United States currently
has roughly 46 billion barrels of proven territorial oil reserves
in the U.S., This is significantly larger than the U.S.
Speaker 4 (10:36):
That is mind-blowing.
Speaker 3 (10:38):
Now, we're also talking about access to an amount of
oil that actually is larger than not just our proven
oil reserves, but most of the world, according to the
White House. And the cost to the American taxpayer for
acquiring this position, you ready for this? As President Trump
described it, zero dollars. Now, to be clear why it's zero,
(10:59):
this is not America writing Venezuela a $ 100 billion check.
Private operator North American Blue Energy Partners is expected to
invest up to $ 100 billion rebuilding and expanding Venezuela's badly
deteriorated oil infrastructure. The agreement covers 17 Venezuelan oil fields
and gives the company development rights lasting 100 years. And
(11:23):
here's where this gets really interesting for America. The Pentagon's
Office of Strategic Capital gets a 35% equity stake in
the company's parent. The United States gets the guaranteed right
to purchase 20% of the production at cost. And the
State Department gets the right of first refusal to purchase
(11:43):
the remaining 80% of production.
Speaker 4 (11:46):
Now, what does this mean?
Speaker 3 (11:48):
Well, instead of the United States simply hoping that enough
oil reaches the world market during the next international crisis...
America has positioned itself to have preferential access to an
enormous supply of oil right here in the Western Hemisphere.
And that's a national security game changer. And that matters
even more than it has in recent years because of
(12:10):
what's happening right now with the war that we're dealing
with in Iran and the Strait of Hormuz. We've seen disruption.
We've seen supply chain uncertainty. We've seen what it's done
to the American taxpayer, to your pocketbook when you go
to the pump. American gasoline prices are above $ 4 a
gallon right now nationally. And Trump, well, he's looking south,
(12:33):
not towards the Middle East, not towards Iran, not towards Russia,
but towards Venezuela and saying there's an enormous supply of
energy in our own hemisphere. So let's develop it. This is,
by the way, just common sense foreign policy. Now, there's
another geopolitical component that shouldn't be overlooked as well. The
(12:53):
White House says some of these Venezuelan fields previously had
Russian or Chinese involvement. Now Washington is attempting to pull
a huge piece of Venezuela's energy future into America's economic
and strategic orbit. That's simply not an oil deal. That
is geopolitics on the biggest scale you can get. While
(13:16):
its own oil industry had just drastically deteriorated. Venezuela has
the largest proven oil reserves in the entire world, yet
today it produces only around 1.2 to 1.25 million barrels
per day, dramatically below its potential after years of underinvestment,
economic mismanagement and sanctions, and then just straight up corruption. Now,
(13:41):
Trump is making it pretty clear what his bet is.
If you bring in massive private investment, you bring in
real 2026 drilling rigs, you bring in American technology and
the expertise, you increase the production. Then you create a
reliable Western hemisphere supply and ultimately put downward pressure on
(14:03):
energy prices, which helps all of America. Now, the company
involved is reportedly planning a massive drilling campaign. They say
eventually drilling more than 50 drilling rigs as it attempts
to dramatically increase production from these fields. Now, I want
to be very clear about something else here. That does
not mean you're waking up tomorrow and you're going to
(14:24):
have $ 2 gasoline. Even President Trump has acknowledged today that
the lower prices from this deal could take some time.
Here's the president in his own words.
Speaker 4 (14:35):
Venezuela deal.
Speaker 1 (14:36):
Analysts predict it could take several years before the Venezuela oil.
Speaker 7 (14:41):
Could be a little bit, but it's going to go fast.
It's going to go fast. When do you say fast?
Speaker 2 (14:44):
When?
Speaker 7 (14:45):
Well, because analysts predicted that a thing like this could
never happen, too. Nobody ever thought it was possible. Remember?
Russia was there. China was there. They're not there anymore,
are they? You know who's there? USA is there. It'll
go fast, much faster than what the analysts... They say
two years, three years. But if it was two years,
that's a you know, a short period of time. It's
(15:08):
hundreds of billions of dollars. It's actually trillions of dollars
we're talking about, trillions. And it'll come out as fast
as possible.
Speaker 4 (15:17):
Now, even Vice President J.D.
Speaker 3 (15:19):
Vance, as he was getting on his plane at Joint
Base Andrews, had this to say about the oil deal
with Venezuela.
Speaker 8 (15:26):
On Venezuela, really quickly, with the deal for the $ 65
billion in reserve from Venezuelan oil, when will the U.S.
Speaker 4 (15:33):
See the first barrels of oil from that deal?
Speaker 8 (15:36):
I think importantly, we're actually already seeing significant increase in
oil production out of Venezuela, which is one of the
reasons why, despite a lot of people predicting that oil
prices would go to $ 200 a barrel, they're obviously higher
than they were a few months ago, but they're sort
of much more stable in part because of what we
see coming out of Venezuela. Look, I think that we
are going to see significant increase in production. The 65 billion.
Speaker 4 (16:00):
Barrel reserve is a big part of that.
Speaker 8 (16:02):
But I think it's a mistake to say, when will
we see increased production? Because we're already seeing increased production already.
Speaker 4 (16:08):
So what does this mean for America?
Speaker 3 (16:11):
What you're looking at from this White House is they're
looking beyond this week's gasoline prices. What you're hearing the
president and the vice president say is this. We're looking
at the next generation of American energy security programs. They
believe this is a national security issue. So imagine America
that has an enormous domestic energy resource. Canada to the north.
(16:33):
We've got oil coming in from them as well. Then
you've got preferential access to tens of billions of barrels
in Venezuela to the south. And imagine what that does
to the leverage of hostile oil producing countries in the
Middle East. That's a strategic argument that the Trump administration
is making. In essence, that's become the Trump doctrine when
(16:54):
it comes to oil production. Even the Secretary of State,
Marco Rubio, has called this a win-win, saying lower-cost oil
for America is a big deal. It also is bringing
potentially $ 100 billion in private investment to Venezuela. That helps
with that country's stability, so it doesn't fall into the
hands of Russia or China, owning basically what's happening there.
(17:17):
And it helps rebuild the devastating energy economy that is
desperately needed in Venezuela for the people to be freed. Now,
President Trump has said this is a big moment. He's
absolutely right. So when the White House calls this historic,
just look at the scale. Sixty five billion barrels, 17
oil fields, up to 100 billion in private investment, 100
(17:40):
year development agreement, a 35 percent Pentagon equity stake and
guaranteed American access to oil at cost. Now, this isn't
about next Tuesday. So this is not about, you know,
what the price is next week. It's about where America
gets its energy for the next several decades. And Trump's
(18:02):
argument is straightforward. Why should the United States remain vulnerable
to hostile regimes that are thousands of miles away when
some of the largest oil reserves on planet Earth are
sitting right here in our own hemisphere? That is why
this deal is incredible. It'll be very interesting to see
just how fast it becomes a reality.
Speaker 2 (18:23):
Thank you for listening to the 47 Morning Update with
Ben Ferguson. Please make sure you hit subscribe. wherever you're
listening to this podcast right now. And for more in-depth news,
also subscribe to the Ben Ferguson Podcast, and we will
see you back here tomorrow.
Today's 5-4 decision is a big win for the president.
As the administration says, crews are working 20 hours a
day on the complex that includes both the ballroom and
those underground military installations. Well, the court had this to say.
It said it's not passing judgment on the legality of
the project, but it did hold that the plaintiff challenging
the ballroom project likely doesn't actually have the right to
(00:23):
sue the Trump administration over it.
Speaker 2 (00:25):
You're listening to the 47 Morning Update with Ben Ferguson.
Speaker 3 (00:29):
Good Tuesday morning. Nice to have you with us on
the 47 Morning Update. And we've got two big stories
for you. First up, a major win for the president
of the United States of America at the Supreme Court.
This time dealing with the ballroom, I'm not joking, that
he's redoing and building at the White House. So how
unhinged has the left become over this? It's amazing.
Speaker 4 (00:51):
And we have it all for you. Up next, a big.
Speaker 3 (00:54):
Announcement from the White House that can affect exactly what
you're paying at the pump. It also can affect our
national security for decades to come.
Speaker 4 (01:02):
The biggest oil deal in history between the U.S. and Venezuela.
What's in it and what does it mean?
Speaker 3 (01:08):
We break it down for you. Now, before we get
to that, the midterm elections, they're heating up. Congressional control
and President Trump's agenda hang in the balance. Every headline
has the potential to shift the odds. On CalSheet, you
can trade major primaries, election outcomes, and the biggest political
storylines as they happen.
Speaker 4 (01:28):
Now, if you go to the.
Speaker 3 (01:29):
CalSheet political hub, you're going to get to see things
like this. For example, will Mitch McConnell resign his office
before the midterms? Will the Clarity Act become law? Who
will leave the role in the Trump administration this year?
With different names that you can look at. It really
is so much fun to see exactly what's happening. And
(01:49):
then there's the big races. For example, will Ken Paxton
defeat Tallarico in the Texas Senate race? Right now, Paxton
is currently trading at 50%. Meaning a $ 100 trade would
pay out $ 93 if he beats Tallarico. Now on CalSheet,
you're trading against peers in a live market. Meaning there's
(02:12):
no house. And as the probability changes, you can buy
in and out of your position. So download the CalSheet
app and use code BEN. You're going to get $ 20
when you trade $ 20.
Speaker 4 (02:26):
K-A-L-S-H-I. Kalshi. You can trade on anything.
Speaker 5 (02:31):
18 plus only. Restrictions and eligibility requirements apply. Event contract
trading involves risk and may not be suitable for all investors.
Kalshi products are not available in all jurisdictions. Prices, values,
and available markets may differ from those mentioned. For more information,
see Kalshi.com slash regulatory.
Speaker 4 (02:46):
It's the 47 Morning Update, and it starts right now.
Speaker 2 (02:50):
Story number one.
Speaker 3 (02:51):
The Supreme Court handed Donald Trump a major win. And
it was not just a big win for him in general.
It was also a personal win after the harassment by
so many on the left. The White House ballroom can
now move forward yet again. Proving that when the people
actually decide who they want their president to be, that individual,
(03:13):
whether it's Republican or Democrat, should be able to do
what they need to do as president. Donald Trump not
only scoring this major victory at the Supreme Court, But
now it allows the president to move forward with that
White House ballroom that suffered a massive setback.
Speaker 4 (03:30):
It was a 5-4 decision, and the.
Speaker 3 (03:32):
Supreme Court ruled Monday that construction can continue on the
new White House ballroom and associated complex while, quote, the
legal battle plays out. Now, the decision blocks the lower
court rulings, and they were activist judges that would have
stopped the above-ground construction. And understand what that means practically.
(03:52):
The cranes keep moving. The workers keep building. The project,
it now keeps going forward. Now, the ballroom project is enormous.
It's about 90,000 square feet with an estimated price tag
that was originally around $ 400 million. The broader redevelopment also
includes significant underground military and security facilities, which are needed.
(04:14):
Trump has argued that the White House desperately not only
needed a permanent world-class space for major state events... rather
than repeatedly relying on temporary structures for large gatherings. Almost immediately,
the left and the opponents and the media, well, they
tried to stop him. The National Trust for Historic Preservation sued,
arguing that Trump did not have the authority as the
(04:35):
president to undertake a dramatic transformation of the White House complex.
without what they demanded, congressional approval.
Speaker 4 (04:43):
Well, guess what? The Supreme Court said they were wrong. Now,
they did find success in the lower courts.
Speaker 3 (04:49):
They found activist judges, and a federal district judge moved
to block the above-ground construction, and the D.C. Circuit upheld
that injunction as well. Now, had the Supreme Court not intervened,
construction would have faced a major shutdown. Here is how
Fox News described the news as it broke.
Speaker 6 (05:08):
As mentioned at the top, breaking tonight, a divided Supreme
Court allows the White House to continue construction on its
$ 400 million ballroom project as lawsuits play out. The president
posted news about that a short time ago, calling the
project part of the golden age of America. Fox News
chief legal correspondent, anchor of Fox News Sunday, Shannon Bream,
has details tonight.
Speaker 1 (05:28):
Good evening, Shannon. Good evening, Brett. Well, today's 5-4 decision
is a big win for the president. As the administration says,
crews are working 20 hours a day on the complex
that includes both the ballroom and those underground military installations. Well,
the court had this to say. It said it's not
passing judgment on the legality of the project, but it
did hold that the plaintiff challenging the ballroom project likely
(05:51):
doesn't actually have the right to sue the Trump administration
over it. Quote, we conclude only that based on the
submissions before us, the government is likely to prevail in
showing that the National Trust for Historic Preservation in the
United States lacks Article 3 standing to challenge the project
in federal court. But the dissenters, and this is an
interesting lineup, they were led by Chief Justice Roberts, included
(06:13):
Justices Sotomayor, Kagan, and Jackson. They argue that the National
Trust Executive Committee member, Alison Hoagland, does have standing, quote,
given the distinctive nature of the White House and Hoagland's
focused and substantiated interest in viewing it in its traditional form,
her aesthetic injury from the construction of the ballroom is
(06:34):
concrete and particularized. Now, that doesn't mean the legal battle
over the ballroom is over, though, only that while the
fights play out, construction can continue.
Speaker 3 (06:45):
Now, this is exactly why Democrats and the media, of course,
are livid this morning. The majority, by the way, made
a very important point. They said disagreement with what a
president is doing does not automatically give someone the legal
right to sue. The Supreme Court's majority concluded that the
National Trust likely doesn't have Article 3 standings. Now, what
(07:08):
does that mean in plain English? The court questioned whether
this organization has suffered the kind of concrete personal injury
necessary to bring this lawsuit in federal court in the
first place. And as the court put it, quote, mere offense,
disagreement or distaste for a project does not amount to
the concrete injury required for standing in the court. Now,
(07:32):
that is significant far beyond this ballroom, because the argument
from the administration is essentially this. You cannot simply turn
the federal judiciary into a political veto whenever an advocacy
organization disagrees with a president's decision. That is good news,
by the way, for this president and future presidents, by
(07:53):
the way. And the Supreme Court's majority concluded that the
government is likely to prevail on its argument. and that
the National Trust doesn't have the standing to challenge the
project like they've been claiming. Now, there's also an important
legal distinction here. The Supreme Court did not rule that
every aspect of Trump's ballroom project is definitely or definitively legal.
(08:16):
The majority specifically said it was not deciding the ultimate
legality of the East Wing project. It ruled on the
standing question that the government's request to keep construction going
while litigation continues.
Speaker 4 (08:29):
is something they said yes to.
Speaker 3 (08:31):
And that is the reason why this matters so much,
because time is really what this is about. There is
now time for the president to do what he needs
to do. Construction is already underway. The administration has argued
that stopping a massive construction project in the middle of
the process would would impose not only serious costs and
interfere with security related work connected to the broader complex.
(08:55):
And the Supreme Court agreed that the government's interests favored
allowing the work to continue. Now, this is exactly why,
by the way, the president immediately decided to celebrate. The
president said the project can now move ahead without the uncertainty.
that has surrounded it because of the radical left. And
when completed, he said, in the summer of 2028, the
(09:16):
ballroom and the military complex will be something the entire
country can be proud of. So congratulations to President Trump
for being able to actually be the president and do
something incredible for the American people at our White House.
Speaker 2 (09:30):
Now, story number two.
Speaker 3 (09:32):
President Trump is getting win after win right now, and
the Venezuelan oil deal is another example of it. The
White House calling it the biggest oil deal in history.
And not only could it be one of the most
consequential energy deals an American president has ever negotiated, but
it could mean falling prices for you. President Trump is
(09:52):
calling the new agreement with Venezuela the biggest oil deal
in the world.
Speaker 4 (09:57):
And the White House released more of the details.
Speaker 3 (10:00):
So here is what we know number one 65 billion
barrels of proven oil reserves that's the big number that
everyone needs to understand the white house says the agreement
gives the united states majority effective control over production tied
to more than the 65 321 tied to that 65
(10:21):
billion barrels of Venezuelan oil reserves. Now, to put that
in perspective, the White House says the United States currently
has roughly 46 billion barrels of proven territorial oil reserves
in the U.S., This is significantly larger than the U.S.
Speaker 4 (10:36):
That is mind-blowing.
Speaker 3 (10:38):
Now, we're also talking about access to an amount of
oil that actually is larger than not just our proven
oil reserves, but most of the world, according to the
White House. And the cost to the American taxpayer for
acquiring this position, you ready for this? As President Trump
described it, zero dollars. Now, to be clear why it's zero,
(10:59):
this is not America writing Venezuela a $ 100 billion check.
Private operator North American Blue Energy Partners is expected to
invest up to $ 100 billion rebuilding and expanding Venezuela's badly
deteriorated oil infrastructure. The agreement covers 17 Venezuelan oil fields
and gives the company development rights lasting 100 years. And
(11:23):
here's where this gets really interesting for America. The Pentagon's
Office of Strategic Capital gets a 35% equity stake in
the company's parent. The United States gets the guaranteed right
to purchase 20% of the production at cost. And the
State Department gets the right of first refusal to purchase
(11:43):
the remaining 80% of production.
Speaker 4 (11:46):
Now, what does this mean?
Speaker 3 (11:48):
Well, instead of the United States simply hoping that enough
oil reaches the world market during the next international crisis...
America has positioned itself to have preferential access to an
enormous supply of oil right here in the Western Hemisphere.
And that's a national security game changer. And that matters
even more than it has in recent years because of
(12:10):
what's happening right now with the war that we're dealing
with in Iran and the Strait of Hormuz. We've seen disruption.
We've seen supply chain uncertainty. We've seen what it's done
to the American taxpayer, to your pocketbook when you go
to the pump. American gasoline prices are above $ 4 a
gallon right now nationally. And Trump, well, he's looking south,
(12:33):
not towards the Middle East, not towards Iran, not towards Russia,
but towards Venezuela and saying there's an enormous supply of
energy in our own hemisphere. So let's develop it. This is,
by the way, just common sense foreign policy. Now, there's
another geopolitical component that shouldn't be overlooked as well. The
(12:53):
White House says some of these Venezuelan fields previously had
Russian or Chinese involvement. Now Washington is attempting to pull
a huge piece of Venezuela's energy future into America's economic
and strategic orbit. That's simply not an oil deal. That
is geopolitics on the biggest scale you can get. While
(13:16):
its own oil industry had just drastically deteriorated. Venezuela has
the largest proven oil reserves in the entire world, yet
today it produces only around 1.2 to 1.25 million barrels
per day, dramatically below its potential after years of underinvestment,
economic mismanagement and sanctions, and then just straight up corruption. Now,
(13:41):
Trump is making it pretty clear what his bet is.
If you bring in massive private investment, you bring in
real 2026 drilling rigs, you bring in American technology and
the expertise, you increase the production. Then you create a
reliable Western hemisphere supply and ultimately put downward pressure on
(14:03):
energy prices, which helps all of America. Now, the company
involved is reportedly planning a massive drilling campaign. They say
eventually drilling more than 50 drilling rigs as it attempts
to dramatically increase production from these fields. Now, I want
to be very clear about something else here. That does
not mean you're waking up tomorrow and you're going to
(14:24):
have $ 2 gasoline. Even President Trump has acknowledged today that
the lower prices from this deal could take some time.
Here's the president in his own words.
Speaker 4 (14:35):
Venezuela deal.
Speaker 1 (14:36):
Analysts predict it could take several years before the Venezuela oil.
Speaker 7 (14:41):
Could be a little bit, but it's going to go fast.
It's going to go fast. When do you say fast?
Speaker 2 (14:44):
When?
Speaker 7 (14:45):
Well, because analysts predicted that a thing like this could
never happen, too. Nobody ever thought it was possible. Remember?
Russia was there. China was there. They're not there anymore,
are they? You know who's there? USA is there. It'll
go fast, much faster than what the analysts... They say
two years, three years. But if it was two years,
that's a you know, a short period of time. It's
(15:08):
hundreds of billions of dollars. It's actually trillions of dollars
we're talking about, trillions. And it'll come out as fast
as possible.
Speaker 4 (15:17):
Now, even Vice President J.D.
Speaker 3 (15:19):
Vance, as he was getting on his plane at Joint
Base Andrews, had this to say about the oil deal
with Venezuela.
Speaker 8 (15:26):
On Venezuela, really quickly, with the deal for the $ 65
billion in reserve from Venezuelan oil, when will the U.S.
Speaker 4 (15:33):
See the first barrels of oil from that deal?
Speaker 8 (15:36):
I think importantly, we're actually already seeing significant increase in
oil production out of Venezuela, which is one of the
reasons why, despite a lot of people predicting that oil
prices would go to $ 200 a barrel, they're obviously higher
than they were a few months ago, but they're sort
of much more stable in part because of what we
see coming out of Venezuela. Look, I think that we
are going to see significant increase in production. The 65 billion.
Speaker 4 (16:00):
Barrel reserve is a big part of that.
Speaker 8 (16:02):
But I think it's a mistake to say, when will
we see increased production? Because we're already seeing increased production already.
Speaker 4 (16:08):
So what does this mean for America?
Speaker 3 (16:11):
What you're looking at from this White House is they're
looking beyond this week's gasoline prices. What you're hearing the
president and the vice president say is this. We're looking
at the next generation of American energy security programs. They
believe this is a national security issue. So imagine America
that has an enormous domestic energy resource. Canada to the north.
(16:33):
We've got oil coming in from them as well. Then
you've got preferential access to tens of billions of barrels
in Venezuela to the south. And imagine what that does
to the leverage of hostile oil producing countries in the
Middle East. That's a strategic argument that the Trump administration
is making. In essence, that's become the Trump doctrine when
(16:54):
it comes to oil production. Even the Secretary of State,
Marco Rubio, has called this a win-win, saying lower-cost oil
for America is a big deal. It also is bringing
potentially $ 100 billion in private investment to Venezuela. That helps
with that country's stability, so it doesn't fall into the
hands of Russia or China, owning basically what's happening there.
(17:17):
And it helps rebuild the devastating energy economy that is
desperately needed in Venezuela for the people to be freed. Now,
President Trump has said this is a big moment. He's
absolutely right. So when the White House calls this historic,
just look at the scale. Sixty five billion barrels, 17
oil fields, up to 100 billion in private investment, 100
(17:40):
year development agreement, a 35 percent Pentagon equity stake and
guaranteed American access to oil at cost. Now, this isn't
about next Tuesday. So this is not about, you know,
what the price is next week. It's about where America
gets its energy for the next several decades. And Trump's
(18:02):
argument is straightforward. Why should the United States remain vulnerable
to hostile regimes that are thousands of miles away when
some of the largest oil reserves on planet Earth are
sitting right here in our own hemisphere? That is why
this deal is incredible. It'll be very interesting to see
just how fast it becomes a reality.
Speaker 2 (18:23):
Thank you for listening to the 47 Morning Update with
Ben Ferguson. Please make sure you hit subscribe. wherever you're
listening to this podcast right now. And for more in-depth news,
also subscribe to the Ben Ferguson Podcast, and we will
see you back here tomorrow.
Host
Ben Ferguson
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