The United States executed its most significant military involvement in Latin America since the Panama invasion of 1989 and its most forceful action for regime change since the 2003 Iraq invasion. On Saturday, the U.S. conducted a major strike on Venezuela, capturing President Nicolás Maduro and his wife, Cilia Flores, alleging their involvement in a narco-terrorism plot. This followed months of heightened pressure from Washington, including intercepting oil tankers near Venezuela’s coast and targeting drug-carrying boats.
The situation has escalated to a crisis point, with the United Nations criticizing President Donald Trump’s weekend invasion as a violation of its charter and Maduro appearing in a U.S. court. To understand the background leading to this situation, let’s delve into how Venezuela spiraled into chaos, Trump’s involvement, and what lies ahead.
Venezuela, with the world’s largest estimated oil reserves, has struggled with low crude output due to mismanagement, lack of investment, and U.S. sanctions. Despite its potential, the country has faced economic collapse over the years, showcasing the dangers of relying heavily on oil revenue, according to the Council on Foreign Relations.
Under President Hugo Chavez, Venezuela nationalized industries, leading to the departure of major foreign oil companies like Exxon Mobil. The country’s economic and political turmoil worsened as oil prices plummeted in the mid-2010s, causing a steep decline in production.
Maduro’s presidency was marred by a multifaceted crisis, marked by rigged elections, food shortages, human rights abuses, and economic collapse. Inflation skyrocketed, and the economy contracted significantly, pushing millions into poverty and triggering mass migration.
The U.S. intensified pressure on Venezuela, culminating in Maduro’s arrest following a series of confrontations and sanctions. Trump’s administration aimed to curb drug trafficking initially but expanded its objectives over time. The recent blockade of oil tankers and military actions signaled a strategic shift towards Venezuela’s oil sector.
Amidst these developments, the future of Venezuela’s oil industry remains uncertain as Trump vows to revitalize it with American companies. However, experts caution that reversing Venezuela’s oil sector’s decline will be a long and challenging process, raising concerns about the administration’s plans moving forward.
