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1912
Oil is discovered in Venezuela.
1949
Venezuela approaches Iran, Iraq, Kuwait and Saudi Arabia about forming an oil cartel.
July 28,1954
Hugo Rafael Chávez Frías is born in a small town in the state of Barinas, which is located in the Venezuelan plains -- the llanos.
Its people love to tell stories, construct mythologies and fables. Being a llanero explains a lot about Chávez -- see biographer Alberto Barrera's interview.
1958
Punto Fijo Pact -- The country's three largest parties agree to a power-sharing system, excluding rivals from extreme left and right wings.
It may allow Venezuela to avoid the coups that will plague many Latin American nations in the 60's, but it also facilitates corruption and prevents new political movements.
1960
OPEC [Organization of the Petroleum Exporting Countries] is created.
FRONTLINE looks at Venezuelas controversial and outspoken president Hugo Chavez and the revolution he claims is turning his country into an anti-capitalist.Venezuela is one of its founding members.
Feb. 18, 1983
Economic collapse culminates in Black Friday. The Venezuelan goverment devalues currency and sets restrictions on sale of dollars.
December 1988
Carlos Andrés Pér
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