U.S. President Donald Trump escalated tensions with Venezuela this week, demanding the return of oil assets he claims were seized from American companies decades ago. Speaking at the White House on December 17, Trump accused Venezuela of expropriating U.S. oil rights during its 1970s nationalization and under former leaders Hugo Chávez and current President Nicolás Maduro. "We want it back," he declared, framing the dispute as a recovery of "pillaged assets."
The remarks follow a recent Pentagon seizure of a Venezuelan oil tanker, which the White House confirmed it will retain—a move condemned by Caracas as "piracy." Trump also announced a "total blockade" of sanctioned oil tankers entering or leaving Venezuela, further tightening sanctions imposed over the past year.
Stephen Miller, Trump’s deputy chief of staff, echoed the president’s stance in a social media post, labeling Venezuela’s oil nationalization as "the largest recorded theft of American wealth." He alleged the assets funded activities threatening U.S. security, though no evidence was provided.
Despite the rhetoric, Chevron—the sole U.S. oil major still operating in Venezuela under a sanctions waiver—reported no disruptions to its activities. Analysts suggest the administration’s focus on Venezuela’s vast oil reserves reflects broader geopolitical strategies, as U.S. crude imports from the country have dwindled due to sanctions.
The escalation coincides with a sustained U.S. military presence in the Caribbean, justified as counter-narcotics efforts. However, a Quinnipiac University poll released December 17 revealed 63% of U.S. adults oppose military actions against Venezuela, signaling domestic skepticism toward the administration’s approach.
