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Ocelot II

(129,128 posts)
2. Two US companies were involved in the early development of Venezuela's oil industry
Sat Jan 3, 2026, 12:55 PM
Saturday

in the early 20th century, before WWII - Gulf and Standard Oil. But the collapse in oil demand during the depression caused a drop in Venezuela's oil exports by about 50% as the US started improving its own oil exploration processes. However, during WWII Venezuela was a major supplier of oil to the US and other allies. Its oil industry was nationalized during the '70s, partially in response to the Mideast oil embargo. I don't understand why Trump thinks the participation of a couple of US oil companies almost 100 years ago means the US is entitled to Venezuela's oil, or that the nationalization of its industry meant it was stolen from us.

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