Trump’s Oil Grab in Venezuela Shatters an American Taboo

Immediately after U.S. forces captured Venezuela’s leader in January, President Trump announced plans to take control of the country’s oil industry. He has forced Venezuela’s government to begin “turning over” as many as 50 million barrels for sale by the United States, is pressing American firms to start drilling there and said, “The people of the United States are going to be big beneficiaries.” He has also said some oil revenue will be returned to Venezuela, without specifying how much.

Critics warn the move revives memories of colonial exploitation and violates international law, including a 1974 United Nations resolution asserting that countries have full rights to “all its wealth, natural resources and economic activities.” China called the pressure “bullying,” and Spain joined five Latin American countries in denouncing “the external appropriation” of Venezuela’s natural resources as illegal.

Senators and representatives have accused the administration of taking Venezuelan oil “at gunpoint” and of selling “stolen oil.” U.S.

Venezuela

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