I’d thought it was either somewhere in the Middle East or a big country like Russia
Not all oil is created equal. While all oil is useful, our current oil dependent economy is highly dependent on easily (cheaply) refined and pumped oil.
Though the guardian claims that Venzuela oil is “ideal” for America’s gulf-coast refineries. I don’t really know one way or another the efficacy of that claim. https://www.theguardian.com/business/2026/jan/05/venezuelan-crude-oil-appeals-to-us-refineries
The reality is that it’s difficult to extract and not terribly cost effective. There’s actually a surprisingly good dive into the whole thing from CNN of all places https://edition.cnn.com/2026/02/03/business/venezuela-oil-russia-india-trump-tariffs
But it’s bad no good oil, which is why the US isn’t at all interested in it and has done no actions to obtain it in the last 50 years.
But now that it’s ‘owned’ by the US, doesn’t it go to boost their petrodollar?
It was more to cut off alternate supply imo.
“We got the largest vein of gold in the world! It’s 10 karats in purity and only a mile underground.”
And it costs 90 dollars to make 100 dollars worth of gold
