Venezuela is the 4th largest world supplier of oil and the 3rd largest supplier to the United States. However, 80% of its population live in poverty, with only a minority who reap the rewards of its main export.

In 1998 the newly elected president of Venezuela - Hugo Chavez - set about to redress the balance, attempting to take back control of the privatised oil industries. The target of this action was to redistribute the profits of oil export to the largest section of the population – the poorer classes, according to the principles of what is internationally known as Revolución Bolivariana (Bolivarian Revolution).

In this process of reformation, though, Hugo Chavez and his government made enemies of the wealthy elite and were constantly attacked by the media, owned and controlled by this industrial class.
On April 11, 2002 a military coup took place in Caracas, led by members of the opposition party and key Venezuelans working in the oil industry. They ousted Chavez from office, by means of threatening to bomb the presidential palace unless he resigned.
The opposition party took full control of the country and a new president, Pedro Carmona, was sworn in. Chavez was taken prisoner and his government replaced by the new authorities.

Venezuelans, still supporting Hugo Chavez, arranged a mass demonstration on the streets of Caracas, calling for the return of their democratically elected leader. The protests turned to riots, as the police was ordered to take a hard line approach, leaving a number of civilians dead and many others injured.
Within a period of 48 hours the presidential guard, who had always been loyal to Chavez, recaptured the Palace, leaving the failed coup plotters to flee. Chavez and his government were reinstated.

In December of the same year, the opposition once again tried to destabilize the country, with the intent of bringing about the downfall of Chavez. This time they organized a strike from within the oil industry. These 9-week stoppages lead to fuel shortages and practically brought Venezuela to its knees.
But Chavez managed to survive the attack and is still to date President of Venezuela - gaining 60% of the electoral vote in the August 2004 national referendum.