Mises Institute The US Government Is Not the Daddy of US Oil Companies
Jan 5, 2026
The podcast dives into the U.S. claims about Venezuelan oil nationalization and challenges the idea that the government owns resources. It discusses how oil companies operated under concessions, not direct ownership. Nationalization is framed as a known risk that executives should bear without expecting government bailouts. The conversation also critiques U.S. history of nationalization and its interventionist policies, citing past events like the Iran coup as cautionary tales against foreign meddling.
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Who Owned Venezuelan Oil
- Venezuelan oil was never 'our' oil because U.S. citizens and the U.S. government never owned it.
- U.S. companies held concessions from Venezuela and paid fees, so nationalization affected companies, not the American public's property.
Nationalization Is A Known Business Risk
- Oil companies took concession risks when operating abroad and faced the possibility of expropriation.
- If companies wanted to avoid nationalization risk, they could have confined operations to the U.S.
Don't Expect Washington As Backstop
- Don't expect the U.S. government to act as a financial backstop for private companies harmed abroad.
- If firms face nationalization, they must accept losses rather than look to Washington to be their 'daddy'.