A Clash Over Oil: Venezuela and the US Face Off

Venezuela's UN Representative Samuel Moncada recently accused the United States of attempting to seize control of Venezuela's resources. Moncada called the US actions the biggest act of extortion in Venezuelan history.

The Seizure of Oil Tankers

This month, the US seized two Venezuelan oil tankers, an act Moncada deemed a major crime. He asserted that the US is attempting to take over Venezuela's land, oil, and minerals.

"What right does the US have to take almost 4 million barrels of Venezuelan oil?"

The US Perspective

The US, however, disagrees with Venezuela's stance. Michael Waltz, the US representative at the UN, stated that the US does not recognize Nicolás Maduro as Venezuela's legitimate leader. Waltz accused Maduro of drug trafficking and claimed the seized oil tankers are a primary source of income for Maduro's government.

Impact on Global Oil Prices

The ongoing conflict between the US and Venezuela has led to a rise in oil prices. Over the past week, prices of crude oil, gold, and silver have increased. Given that Venezuela holds the largest oil reserves in the world, any tension involving the country can significantly impact global oil prices.

The Broader Question

Why is the US so interested in Venezuela's oil? Oil is a valuable resource, and many countries seek to control it. However, the ethical question remains: Is it right for one country to try to take another country's resources by force?