President Donald Trump said one reason that the U.S. will "run" Venezuela and "indefinitely" control its oil sales is because "years ago" Venezuela "took our oil away from us" and "stole our assets." That's an oversimplification of what happened when Venezuela assumed greater control of its energy sector. In 2007, under then President Hugo Chávez, Venezuela continued the nationalization of its oil industry that began in 1976. The Chavez administration required the foreign oil companies still operating in the country to enter into new contracts giving Venezuela's state-owned oil and gas company majority control of their oil projects. The companies that did not agree to those conditions were expropriated, meaning their oil-related assets were seized by the Venezuelan government.