Oil has long been the backbone of Venezuela's economy. At the start of the 21st century, Venezuela was the world's fifth-largest exporter of crude oil. But under previous Venezuelan administrations, U.S. corporations had exerted significant control over the oil industry. It was a trend Chávez was determined to reverse.

The Venezuelan president soon began to rock the boat in OPEC, pushing for stricter enforcement of trade rules and higher oil price targets. Efforts to raise the price of oil and threats to use an alternative currency standard pitted the Venezuelan president against U.S. interests. Above, Chávez speaks of the necessity of a world balance of power during a press conference on Aug. 17, 2000.

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