Donald Trump's assertion that Venezuela "stole" American oil and land is historically inaccurate, according to the Washington Post. Venezuela nationalized its oil industry in 1976, taking control of operations previously dominated by foreign companies. While American firms were impacted, they did not own Venezuela's oil or territory, and the takeover was part of a long-standing political debate rather than outright theft. The creation of the state-owned company PDVSA was a move to regain national control over resources.