"This Is Imperialism": Eight Months After U.S. Special Forces Seized Venezuela's President in a Raid on Caracas, Trump Announced the United States Had Taken "Majority Control" of More Than 65 Billion Barrels of Venezuela's Oil — a Stake Second Only to Saudi Aramco — Struck With the Government That Replaced the Leader America Captured, to Paper Over the Record Gas Prices His Own Iran War Created
On August 28, 2026, Trump announced on Truth Social that the United States had secured "majority control" of more than 65 billion barrels of Venezuela's proven oil reserves — through a new company, structured with private business, in which the U.S. would hold a 55% stake and the right to buy oil at cost, making it the second-largest corporate holder of proven reserves in the world after Saudi Aramco. He offered few details. The context is what gives the announcement its weight: in January 2026, U.S. special forces raided Caracas and seized Venezuela's president, Nicolás Maduro, spiriting him to the United States to face narcoterrorism charges. The oil deal was then negotiated with the government that took his place, led by acting president Delcy Rodríguez. So the sequence is: the United States removed a foreign head of state by military force, and then took majority control of his country's oil from the government installed in his wake — to lower American gas prices driven to record highs by Trump's own war in Iran and the Strait of Hormuz standoff. Michael McFaul, the former U.S. ambassador to Russia, named it in three words on MS NOW: "This is imperialism." Other analysts called it "colonial" and urged Congress to stop it, while critics called it "yet another Trump grift." A superpower seizing a weaker nation's oil after decapitating its government is the oldest story in the imperial book, and the United States just told it out loud.