Trump promises relief at the pump

Plus: The looniest movie you won't want to miss  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

T. Michelle Murphy | August 30, 2026     Hello. President Donald Trump announced a “historic” oil deal that he said gives the U.S. majority control over more than 65 billion barrels of proven Venezuelan reserves. Trump said the agreement will help lower gas prices, which have surged amid an ongoing war with Iran.  But the promise of a more affordable tank top-off comes with one caveat: It remains unclear when, exactly, Americans might begin to see savings. In our first read today, we look at some of the factors that will determine how long it may take for the deal to have a meaningful economic effect. Plus, four other picks to kick off your week. IN TODAY’S BRIEF Trump promises a friendlier fill-up Justice for Wile E. Coyote Great Lake faces identity crisis Bond omens? This drug can now help heart health         READ THIS FIRST Trump says his new oil deal will lower gas prices. But when? Jesus Vargas—Picture Alliance/Getty Images President Donald Trump announced last week that the United States has entered a “historic” deal with Venezuela, saying that it gives the U.S. majority control over more than 65 billion barrels of oil reserves. Calling it the “BIGGEST OIL DEAL IN WORLD HISTORY” on Truth Social, he said the agreement would “substantially lower Gas Prices for all Americans.” But the President did not say how soon, exactly, pump prices might go down. A reduction could provide relief at a time when Americans are already contending with persistent inflation—a concern that Federal Reserve Chair Kevin Warsh emphasized in his remarks at the Jackson Hole Economic Policy Symposium on Aug. 28. Experts point out that it could be years before the impact of the new deal with Venezuela is directly felt. Here’s why. — T. Michelle Murphy         SPONSORED Never worry about roaming again Stay connected on every trip with Saily eSIM plans. From beach vacations to business travel, access data in 200+ destinations. VIP perks available. Activate instantly upon arrival. Download SAILY in your app store and use code newsletter15 at checkout to get an exclusive 15% off your first purchase. Get 15% off now Chat support available 24/7. Get a full refund if your device isn’t eSIM compatible.         WORTH YOUR TIME The highly original summer flick that almost didn’t reach theaters Courtesy of Ketchup Entertainment Run, don’t walk, to see Coyote vs. ACME, writes TIME film critic Stephanie Zacharek.  The Looney Tunes movie is set in a world where cartoons and humans coexist, and it’s brought to life through a blend of live action and animation. Its premise is simple yet ingenious: After years of being zonked out by iron wrecking balls, of having slingshots overshoot the mark not by feet but by miles, of having dynamite blow his face off, Wile E. Coyote, a longtime consumer of ACME products, has decided to sue the company that has caused him so much misery.  He enlists the help of a law firm specializing in personal injury cases, headed by Kevin Avery (Will Forte), whose specialty is getting settlements of a hundred bucks here or there from cartoon characters who have fallen victim to ACME’s faulty offerings. Read more about why the film’s journey to the cinema was almost a misadventure worthy of its wily protagonist.         THE CONTEXT Trump’s renaming of Lake Ontario is ‘preposterous,’ politicians say Andrew Harnik—Getty Images President Donald Trump last week signed an executive order to rename Lake Ontario as “Lake America.” The name change comes amid an escalating trade war between the U.S. and Canada, putting the lake that borders both countries in the crosshairs. But the new moniker has been firmly rejected by politicians on both sides of the body of water, including New York’s Gov. Kathy Hochul, who simply said: “New York won’t be calling it that.” Canadian Prime Minister Mark Carney said on Thursday: “The name is more than 400 years old, pre-dating both the Confederation of Canada and the Declaration of Independence of the United States of America.” Find out what others have had to say about the name change, which only pertains to federal references within the U.S.         SPONSORED 10 AI Stocks to Lead the Next Decade AI isn’t a tech trend – it’s a full-blown, multi-trillion dollar race, and 10 companies are already pulling ahead. These are the innovators driving real revenue, attracting institutional attention, and positioning for massive growth. Get all 10 tickers in The 10 Best AI Stocks to Own in 2026, free today. Download Now         THE VIEW Identifying bond market indicators of an ‘economic heart attack’ Daniel Heuer—Bloomberg/Getty Images Three events related to the U.S. Treasury bond markets have recently drawn attention, writes Ray Dalio, the author of How Countries Go Broke: The Big Cycle. First, Japan sold some of its U.S. Treasury holdings to support the yen, and Treasury Secretary Scott Bessent intervened to negate some of the resulting market pressures.  Second, U.S. bond yields have risen under the weight of an increased supply of dollar debt and weakening demand for it.  Third, Bessent announced that the Treasury will purchase U.S. bonds—though its capacity to do so is limited.  While most people are inclined to view these as passing events, Dalio argues that they are symptoms of a serious debt problem that can signal an oncoming economic heart attack.  Learn more about what happens when a country spends beyond its means.         HEALTH CHECK Mounjaro is now approved to reduce cardiovascular risk Peter Dazeley—Getty Images Mounjaro, the diabetes drug from Eli Lilly, is now approved to lower the risk of heart events, including heart attack, in people with diabetes. The U.S. Food and Drug Administration (FDA) approved the new use for the drug on Aug. 28.  In the study submitted to the FDA, researchers compared heart events among people with Type 2 diabetes who took Mounjaro with those who took Trulicity, which is another drug for diabetes from Eli Lilly.  Trulicity targets only GLP-1, while Mounjaro affects two of the hormones in the incretin class: GLP-1 and GIP. People taking Mounjaro had an 8% lower rate of heart attack, stroke, or heart-related death compared to those taking Trulicity.  “This study was in patients with Type 2 diabetes, in whom the No. 1 cause of death is cardiovascular disease,” says Dr. Rachel Batterham, the senior vice president of medical innovation and external engagement for cardiometabolic health at Eli Lilly. “So reducing that risk is critically important.” — Alice Park         SPONSORED Looking for the best way to reclaim your health? Factor offers chef-crafted, dietitian-approved meals ready to eat in 2 minutes. Choose from 100+ weekly meals, including High Protein, GLP-1 Support, Calorie Smart, and Keto options. Get 50% off your first Factor box + Free Breakfast for a year *1 free breakfast item per box for 1 year while subscription active. Try Factor Now       Linked In this addictive word-association game, find the steps that will unite two seemingly unrelated words in just four moves. PLAY NOW EMAIL US: thebrief@time.com More Newsletters from Click to sign up. D.C. BRIEF +FUTURE PROOF +HEALTH MATTERS +INSIDE TIME +IN THE LOOP +WORTH YOUR TIME + Connect with TIME   PRIVACY POLICY     © 2026 TIME USA, LLC. All rights reserved. TIME Customer Service, P.O. Box 37508 Boone, IA 50037-0508, United States Unsubscribe