History As It Happens – Bonus Episode: Understanding Oil

Host: Martin Di Caro
Guest: Giuliano Garavini (International Historian, Roma Tre University)
Date: January 14, 2026

Main Theme

This bonus episode explores Venezuela’s tumultuous oil history and its seismic impact on both local and global politics. With recent US intervention in Venezuela and shifting strategies regarding oil sales, the episode digs into how twentieth-century decisions, nationalization trends, and enduring reliance on oil revenue have led to the current crisis—and what might come next.

Key Discussion Points & Insights

Venezuela’s Oil Paradox and US Involvement

• The episode opens by discussing Venezuela’s central role in global oil, emphasizing that even today, its fate often appears determined by who controls and exploits its vast reserves.

  • Notable quote:
    “In Venezuela, it is all about the oil. But why?”
    (Martin Di Caro – 00:00)

• Former President Trump’s previously recorded remarks highlight historical American investment and technological leadership in building Venezuela’s oil industry, and recent grievances over “assets stolen” following nationalization:

  • Memorable moment:
    “Decades ago, the United States built Venezuela’s oil industry... But those assets were stolen from us, and we had presidents did nothing about it.”
    (Donald Trump – 00:09)

Recent US Operations and Oil Market Realities

• The show then pivots to contemporary developments:
  • US Special Forces have reportedly apprehended Venezuelan leader Nicolás Maduro, calling attention to the dramatic and interventionist turn in US policy.
  • The Venezuelan economy’s continued collapse is linked directly to its overreliance on oil, further compounded by US sanctions and a partial blockade on its crude exports.
  • Report from The New York Times: The US is now brokering the sale of around 50 million barrels of Venezuelan oil, previously trapped due to sanctions, in an attempt to avert the total collapse of Venezuela’s oil sector. The oil is being sold at $50 per barrel—a significant jump from previous prices ($30/barrel to China during sanctions).
    • Critical insight:
      “If the oil business were to collapse, the country would unravel and then the Trump administration would not be able to pursue its longer term plans to extract the crude reserves.”
      (Martin Di Caro – 01:38)

Questions about Future Exploitation and Resource Management

• Discussion about the return of US oil companies and Washington’s possible direct management of Venezuela’s oil “supposedly for the benefit of its citizens.”

  • Reference to oil as the “devil’s excrement,” attributed to a former Venezuelan oil minister, encapsulates the broader curse of resource dependency.

• Host Martin Di Caro traces Venezuela’s oil-driven rise and fall:

  • Oil once brought prosperity during eras of nationalization and OPEC’s power, but fortunes always depended on volatile global prices.
  • In the Chavez era, oil prices ranged from $10 (1998) to a peak of $150 (2008), before crashing to $30 (2016), which—combined with sanctions—devastated the economy.

Historical Context: Nationalization and OPEC

Guest Segment:

• Giuliano Garavini joins (03:20) to explain why Venezuela nationalized its oil in the 1970s and the wider wave of nationalizations in OPEC nations:

  • OPEC states (including Venezuela, Algeria, Saudi Arabia) sought to secure direct national control over oil production, maximizing state income and autonomy from foreign (especially US) corporations.

  • In Venezuela, this meant laws that transferred foreign-operated concessions to the new state oil company, PDVSA (Petróleos de Venezuela), led by Venezuelan management.

    • Notable quote:
      “So the most symbolic moment of that movement was when Algeria nationalized its oil in 1971. And the objective...was basically for all of them to gain direct control over the most important resource and the one that provided most of the income for the state.”
      (Giuliano Garavini – 03:47)

  • The nationalization meant large-scale technical and managerial transformation as Venezuelans replaced foreign executives, marking a new era of resource sovereignty.

Memorable Quotes & Moments (with Timestamps)

• Trump’s historical grievance:
  “But those assets were stolen from us, and we had presidents did nothing about it.”
  (Donald Trump – 00:19)

• Host on US intervention:
  “Since US Special Forces snatched Nicolas Maduro and hauled him back to New York City, Americans have been asking a lot of questions about Venezuela…”
  (Martin Di Caro – 00:26)

• On oil’s precarious prosperity:
  “…prosperity and stability as long as oil prices stayed high.”
  (Martin Di Caro – 02:36)

• Garavini on OPEC and resource control:
  “The objective...was basically for all of them to gain direct control over the most important resource and the one that provided most of the income for the state.”
  (Giuliano Garavini – 03:53)

Notable Timestamps

• 00:00 – Episode introduction; focus on Venezuelan oil
• 00:09 – Trump’s quote on historical US role and nationalization
• 00:25 – US operation against Maduro; questions about oil’s future
• 01:30 – Context: US brokering oil sales, impact of blockade and sanctions
• 02:10 – Discussion of oil prices and Venezuela’s economic collapse
• 03:20 – Guest introduction: Giuliano Garavini
• 03:47 – Garavini explains OPEC nationalization movement and Venezuela’s path

Tone & Style

The episode strikes an analytical, sometimes urgent tone—reflecting both the sweeping historical perspective and the gravity of present-day political drama. Conversations stay factual, with splashes of dry humor and pointed reflection (as in Martin Di Caro’s playful mention of learning Italian, 03:21).

Summary

The episode vividly traces how Venezuela’s journey from oil-rich dynamo to crisis state was shaped by decisions of nationalization, resource dependency, foreign intervention, and turbulent geopolitics. As US policy takes center stage in Venezuela’s latest upheaval, both host and guest underline how history’s echoes are never far from today’s headlines—especially when oil is involved.