The Petro Power Play: Why Venezuela's Oil Industry Matters Beyond Borders The relationship between Washington and Caracas has been defined by oil for over a century.
A 1950 Department of State memo, often cited as proof of this fixation, is more than just a relic of the past. It's a testament to the enduring power of oil in shaping global politics.
Venezuela's vast reserves remain a coveted prize, with the US seeking control over an estimated fifth of its production.