No. of Recommendations: 9
how to stabilize the environment for investment by the oil companies
_______________________________________________
Venezuela nationalized its oil industry on January 1, 1976, under President Carlos Andrés Pérez, forming the state-owned company Petróleos de Venezuela S.A. (PDVSA) to take control of foreign-owned oil operations and assets. Most affected by the takeover were American subsidiaries such as Exxon Corporation, the Gulf Oil Corporation and the Mobil Oil Corporations which had at the time invested more than 5 billion dollars in the industry. The nationalization aimed to assert greater national control over oil resources and revenues, marking a significant shift in the country's energy policy.
Venezuela did offer compensation when it nationalized oil assets, first in the 1970s (paying with debt bonds) and later under Chávez (offering less), but foreign companies like ExxonMobil and ConocoPhillips argued it was insufficient, leading to lengthy international arbitration where Venezuela was ordered to pay billions, though full payment remains disputed.
Donald Trump claimed Venezuela "stole" U.S. oil assets during nationalization, demanding their return and imposing a naval blockade in late 2025, insisting the U.S. should get back its "oil, land, and other assets," but he didn't mention compensation; instead, he demanded the return of the assets themselves, stating that Venezuela used the "stolen" oil to fund illicit activities, viewing it as theft of American wealth, not a matter for monetary payment.
If I was running the country of Denmark, I would be trying to draw my European allies close, but the taking of Greenland would be the final snip in cutting the US from Europe. While many Americans would would probably be swayed a a "Manifest Destiny" drum beat, I think the taking of Canada would be a bridge too far for most Americans.
When it comes to an overt foreign policy designed around a transactional accumulation of other's assets, our foreign policy seems to have become Spaghetti alla Puttanesca.
Jeff
