After Hugo Chávez was first elected President of Venezuela by a landslide in 1998, the South American country began to reassert sovereignty over its oil reserves, which challenged the comfortable position held by U.S. economic interests for the better part of a century.
The South American country began to reassert sovereignty over its oil reserves. Hugo Chávez was first elected President of Venezuela by a landslide in 1998. Its oil reserves challenged the comfortable position. This comfortable position was held by U.S. economic interests for the better part of a century.