He said U.S. companies were ready to invest billions of dollars to upgrade Venezuela’s crumbling oil infrastructure and “start making money for the country.” Venezuela has The world’s largest oil reserves – Surpassing Saudi Arabia with 303 billion barrels, accounting for approximately 20% of global reserves.
If this does happen – and That’s a big “if” — would mark the end of a hostile relationship that began nearly 30 years ago.
Yes, there are many facets to the Trump administration’s military campaign in Venezuela unprecedented. But that’s not surprising, given Venezuela’s vast oil wealth and the historic relationship between the United States and Venezuela under former presidents Chavez and Maduro.
Venezuela is a republic of about 30 million people on the north coast of South America and about twice the size of California. For much of the early 20th century, it was considered richest country in south america due to its oil reserves.
Foreign companies, including U.S. companies, have invested heavily in Venezuela’s oil growth and played a major role in its politics. However, in the face of U.S. opposition, Venezuelan leaders began to tighten control over their main export resource. Venezuela was a key figures In 1960, the Organization of the Petroleum Exporting Countries (OPEC) was formed and in 1976 it nationalized much of the oil industry.
This has had a negative impact on US companies, e.g. Exxon Mobil And fueled recent claims by the Trump administration: Venezuela “steals” U.S. oil.
Most Venezuelans, however, have not experienced economic prosperity. Mismanagement of the oil industry led to the 1988 debt crisis and the intervention of the International Monetary Fund (IMF). Caracas erupted Protests in February 1989 The government sent troops to suppress the uprising. An estimated 300 people died, According to the official totalbut the actual number may be 10 times higher.
Since then, Venezuelan society has been further divided between the wealthy who want to cooperate with the United States and the working class who seek autonomy from the United States. That divide has defined Venezuelan politics ever since.
Chavez comes to power
Hugo Chavez began his career as an army officer. In the early 1980s, he Founding of the Socialist “Bolivarian Revolutionary Movement 200” within the military and began delivering inflammatory speeches against the government.
After the 1989 riots, Chavez’s recruitment efforts increased dramatically, and he began planning to overthrow the Venezuelan government. In February 1992, he failed coup against pro-American President Carlos Andres Perez. While he was incarcerated, his group staged another coup later that year, which also failed. Chavez was jailed for two years but emerged as a leading presidential candidate in 1998 on the basis of a socialist revolutionary platform.
Chavez became a giant in Venezuelan and Latin American politics. His revolution stirred people’s memories Simon Bolivarthe great liberator of South America from Spanish colonialism. Chavez is not only popular in Venezuela for using oil revenues to subsidize government food, health and education programs, but he is also well-liked among like-minded regimes in the region for his generosity.
Most notably, Chavez provided Cuba with billions of dollars worth of oil in exchange for tens of thousands Cuban doctor working in Venezuelan clinic.
He also set a precedent for confronting the United States and the International Monetary Fund in global forums, Famously called then-President George W. Bush “the devil” 2006 United Nations General Assembly.
US accused of inciting coup
Not surprisingly, America dislikes Chavez.
back Hundreds of thousands of opposition protesters In April 2002, Chavez took to the streets and briefly Ousted from power in coup Initiated by dissident military officers and opposition figures, they appointed a new president, businessman Pedro Carmona. Chavez was arrested and the Bush administration immediately recognized Carmona as president. new york times Edit page Celebrating the fall of a ‘potential dictator’.
However, just two days later, Chavez returned to power with the support of huge crowds of supporters in the streets. The Bush administration immediately faces strict review Because it could play a role in an attempted coup.
Although the United States denies involvement, it has questioned lingering for many years On whether the government had advance knowledge of the coup and tacitly supported his ouster. New classified documents in 2004 Shows that the CIA knew about the plotBut it’s unclear how much advance warning U.S. officials gave Chavez himself.
The United States continues to pressure Maduro
Maduro, a trade unionist, was elected to the National Assembly in 2000 and quickly joined Chavez’s inner circle. he Promoted to Vice President In 2012, following his death the following year, Chavez won his presidential award The first election was narrowly.
But Maduro is not Chavez. He did not enjoy the same level of support among the working class, the military, or the region as a whole. Venezuela’s economic situation has deteriorated and inflation has soared.
Successive U.S. governments have continued to put pressure on Maduro. Venezuela takes a hit sanctions During Obama and Trump’s first terms as presidents The United States and its allies refuse to recognize Maduro’s 2018 election victory and again in 2024.
Maduro’s government is isolated from much of the world Became dependent on selling oil to China as its only economic outlet. Maduro also claims to have foiled several coup and assassination attempts allegedly involving the United States and domestic opposition, particularly in April 2019 and May 2020 during Trump’s first term.
U.S. officials have Deny involvement Any coup plot; also report no evidence found The United States was involved in the failed coup in 2020.
Now, in an even more brazen move, Trump has succeeded in ousting Maduro without any attempt at denial. It remains to be seen how Venezuela and other Latin American countries will respond to U.S. actions, but one thing is certain: The United States will remain involved in Venezuelan politics as long as the United States has economic interests in Venezuela.
James TrapaniAssociate Lecturer in History and International Relations, Western Sydney University
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