This research investigates the historical transformations in the management and regulation of the Brazilian oil industry, with an emphasis on the period of the Jair Bolsonaro government (2019-2022). The study is based on the analysis of the 1988 Federal Constitution and state policies related to the exploration and commercialization of oil in Brazil. The research is based on the premise that oil is a strategic resource for national development, and its management is central to the country's energy and economic sovereignty. The study presents a historical overview, covering everything from the creation of Petrobras and the regulation of the sector to the neoliberal reforms of the governments of Fernando Henrique Cardoso, Michel Temer and, finally, Jair Bolsonaro. The main objective is to understand whether the policies adopted between 2019 and 2022 respected the constitutional project, interpreted as overcoming underdevelopment, through the internalization of decision-making centers and combating social inequalities. The analysis reveals that the economic policy for oil during the Bolsonaro administration favored, on the contrary, the logic of privatization and prioritization of financial returns for shareholders to the detriment of strategic investments for the country's development. Although oil remains formally under state control, Petrobras' structure has been weakened, compromising its transformative role for the national economy. Petrobras' annual reports for 2019 and 2022 were analyzed, which show a significant change in the company's strategic direction. In addition, the study highlights the government's low concern with the social impact of these measures, evidenced by the absence of robust policies aimed at industrial development and job creation. The study argues that the policies implemented between 2019 and 2022 have therefore deepened the path of privatization and privatization already initiated by previous governments, contradicting the constitutional program. Thus, the answer to the central question of the research — “Is the oil ours”? — reinforces the need for policies that balance the economic viability of the sector with the public interest, ensuring that oil exploration is used as a tool to promote national development, and not just as a source of profits for shareholders.