Why are people calling Venezuela oil deal a new form of US colonialism?

Caracas — Venezuelan opposition leader Maria Corina Machado called for a democratic transition in her nation following the interim government's monumental oil deal with the United States. The agreement enables U.S. access to over 65 billion barrels, comprising nearly 20 percent of Venezuela's vast oil reserves, which is the largest in the world.

U.S. President Donald Trump and interim Venezuelan leader Delcy Rodriguez lauded the historic pact on Wednesday, but neglected the idea of elections in the near future. Machado, a Nobel Peace Prize laureate, argued that real progress necessitated a democratic transition. She added that while the oil sector is just one element of the massive rebuilding required in Venezuela, the country demands far more than mere financial investment.

In a video statement, Machado emphasized that no development is achievable without strong institutions and a government selected through popular vote. The oil agreement arrives as U.S. Republicans prepare for potential electoral setbacks in November midterms due to mounting fuel costs.