President Trump said the United States wanted to reclaim expropriated oil assets, setting off a nationalist reaction in a country where the resource holds a mythical status.
Derricks in the Maracaibo oil fields of Venezuela in the early 20th century. American oil companies invested millions of dollars in the region, generating profits that flowed to the United States, rather than Venezuela.
In public, the White House says it is confronting Venezuela to curb drug trafficking. Behind the scenes, gaining access to the country’s vast oil reserves is a priority.
The U.S. seizure of a vessel off Venezuela is likely to squeeze the country’s government, but do little to counter the tankers that secretively move oil from sanctioned countries.
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