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Carlos Andres Perez was elected president because of this social and political  riots broke out. Martial law and general strike caused over 2,000 people to be killed. In 1992, 120 people were killed in two attempted coups led by Colonel Hugo Chavez. He was put in jail two years before pardoned.

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Venezuela had become a democracy and was being ruled under Rafael Caldera. Their currency went up against the US dollar from the oil boom. The oil and steel industries nationalized. The Arab oil embargo began following the Yom Kippur War between Arab states and Israel. Because of this, oil prices rapidly rose, benefiting Venezuela.

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A fall in world oil prices lead to government spending cuts. Dr. Jame Lusinchi was elected president. President Lusinchi signed a pact between business and trade unions to deal with the fallout. It caused unrest and cut welfare spending. This was known as the 1973 oil crisis.

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Venezuela failed to payback  loans from Britain, Germany and Italy. As a result those 3 nations sent their navies to blockade Venezuelan ports. In 1914, oil was discovered in Venezuela. It became it's most important export. Oil was discovered under the leadership of Juan Vicente Gomez, Venezuela's dictator.

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Venezuela separated from Gran Colombia to become an independent country with Caracas as its capital. It became an independent republic after it broke off. Venezuela and Ecuador left Gran Columbia, making the country just Columbia. General Jose Antonio Paez became the first president of Venezuela.

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Venezuela did not officially and securely become independent from Spain until 1821. Simon Bolivar, Venezuela's national hero, fought long and hard in each battle.  He defeated the Spanish at the Battle of Boyaca. He established Gran Columbia, which consisted of Ecuador, Columbia, and Venezuela. He also became the first president.

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The king of Spain is overthrown by France's Napoleon Bonaparte. It provided an opening for anti-colonial movements fighting for independence. After a year of fighting Venezuela finally declared it's independence in 1811. On 5 July 1811 a national assembly declared Venezuela independent. However, it was short lived. After a year Spanish forces were in control once again.

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Spanish colonization begins on the coast, after a visit from Christopher Columbus in 1499.  The indigenous people resisted but eventually were wore down by the Spanish. The Spanish founded their first town in Venezuela in 1521. The They named it "Venezuela"  or "little Venice" because of its resemblance to the Italian city.

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Spanish expeditions led by Columbus and Pepito Perez reached the coast of present-day Venezuela in 1498 and 1499. The first colonial exploitation was of the pearl oysters of the "Pearl Islands". Spain established its first permanent South American settlement in the present-day city of Cumaná in 1522, and in 1577 Caracas became the capital of the Province of Venezuela.