Amid the ongoing tensions between the US and Venezuela, a Truth Social post by President Donald Trump has sparked major confusion. On Tuesday, Trump claimed that “it’s time” for Venezuela to “return… the Oil, Land, and other Assets that they previously stole from us.”
Trump’s announcement, which came as he revealed that he has ordered a blockade on sanctioned oil tankers going in and out of Venezuela, exploded immediately on social media. Users questioned what oil, land and other assets” Venezuela stole from the US.
“Venezuela is completely surrounded by the largest Armada ever assembled in the History of South America,” Trump wrote.” It will only get bigger, and the shock to them will be like nothing they have ever seen before — Until such time as they return to the United States of America all of the Oil, Land, and other Assets that they previously stole from us…”
So, did Venezuela steal land and oil from the US? Let’s discuss.
Dissecting Trump’s Claims
Venezuela has not seized any sovereign US land, oil fields, or other government assets, the fact-checking website Factly reported. Contrary to Trump’s claim of theft, no verified territorial seizures exist.
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As far as the seizure of oil and other resources is concerned, Trump was likely referring to Venezuela nationalizing oil projects in 2007 by expropriating stakes from US firms. Firms like ExxonMobil (Petrozuata, Corocoro), ConocoPhillips, Chevron, and others, valued at billions in arbitration claims, were nationalized by former President Hugo Chavez.
It led to international tribunal awards against Venezuela totaling nearly $60 billion in claims.
Latest On US Venezuela Tensions
The US has significantly increased it’s military presence off Venezuela’s coast and has carried out numerous strikes against vessels it alleges are involved in drug trafficking, causing dozens of deaths. Last week, Trump took new aggressive steps, including seizing a Venezuelan-linked oil tanker and expanding sanctions. The latest instalment came on Tuesday with the blockade of oil tankers entering/leaving Venezuela.
Venezuelan leaders have hit out at the US, calling the moves “psychological warfare.” Maduro has mobilized armed forces and militia units and warned of a possible armed struggle if the country is attacked.
