Officials from the Trump administration defended a controversial agreement on Tuesday that grants the United States control over a substantial portion of Venezuela’s oil reserves. They argued that this extensive arrangement could play a crucial role in stabilizing and rebuilding democracy in the beleaguered South American nation while providing the U.S. with critical access to essential crude oil supplies.

Last week, Donald Trump unveiled what he described as a “historic” deal, which would allow the U.S. to gain “majority” control over approximately 65 billion barrels of oil, equivalent to about one-fifth of Venezuela’s total reserves.

On Tuesday, U.S. officials contended that the agreement would establish a stable economic framework conducive to the restoration of Venezuelan democracy, which has suffered under nearly 30 years of autocratic governance by former president Nicolás Maduro and his predecessor, Hugo Chávez. However, the pact, the result of months of discreet negotiations, has sparked significant backlash from Venezuela’s opposition, who are already exasperated by the lack of democratic progress in the eight months following Maduro’s removal by U.S. special forces.

A U.S. official stated during a press call, “They are taking over a government capable of generating revenue that can be utilized to rejuvenate the country.”

A White House fact sheet released on Monday indicated that the agreement grants North American Blue Energy Partners (Nabep), which is supported by the U.S., a 100-year lease on 17 oil fields, touting it as “the most significant oil deal in global history.”

On Tuesday, officials emphasized that permitting Nabep, owned by the controversial Venezuelan entrepreneur Alejandro Betancourt, to manage certain oil fields would facilitate a rapid increase in production. “This will, in turn, generate royalty income for the government—initially for the interim administration, but ultimately for the democratically elected government,” the official elaborated.

“We can help establish a more stable Venezuela. However, regardless of the administration in power, a democratically elected Venezuela will still confront challenges after two decades of the failures of Chavismo and Maduro, which dismantled the country from within. Rebuilding will take time,” they added. “You cannot simply erase 20 years of corruption, kleptocracy, and the absence of democracy and freedom.”

The rationale behind the takeover of oil fields previously held by Chinese and Russian interests came as Trump convened with oil refinery executives to explore methods for converting crude oil into gasoline and lowering consumer fuel prices.

Chris Wright, the Secretary of Energy, was scheduled to travel to Caracas on Tuesday to further discussions following last week’s announcement of the deal, which Trump has promoted as a crucial step to augment the U.S.’s strategic oil reserves.

The urgency surrounding this oil deal has escalated following Trump’s decision to engage in military action against Iran last February, which resulted in rising fuel prices after Iranian forces retaliated by shutting down the Strait of Hormuz, a vital artery for 20% of the world’s oil supply. Current gasoline prices have surged to an average of $4.10 a gallon, compared to below $3 prior to the conflict.

These rising fuel costs have had a ripple effect throughout the economy and have contributed to a notable decline in Trump’s approval ratings, with recent polls indicating that many voters disapprove of his management of both the war and the economy.

The economic landscape served as a backdrop for the Venezuela oil agreement, which was first revealed last Friday. The deal received support from Venezuela’s National Assembly, which is predominantly controlled by the ruling United Socialist Party, on Tuesday, following a defense of the agreement by President Delcy Rodriguez over the weekend.