Did Venezuela actually steal American oil? A look at the industry's history.

President Trump has claimed that Venezuela stole American oil. This episode traces the trajectory of the country's oil industry from its origins to its current state of collapse, examining how a nation with vast reserves reached a point of near-stagnation.

The Venezuelan oil industry began in the 1920s. Over the following decades, the sector underwent significant changes, including nationalization, which eventually led to the industry's current collapse. The episode investigates the validity of claims regarding stolen oil and explores the factors that have left the country barely able to extract from its massive reserves.

Understanding this history is essential to grasping why the industry is currently in such a diminished state. By examining the timeline from the 1920s through the period of nationalization, the show provides context on whether the industry's struggles are a result of theft or systemic internal failures, and considers the potential for future change.

Source: Venezuela didn't steal U.S. oil. Here's what happened | The Indicator