Oil in the Works

Venezuela has some of the largest oil reserves in South America. Oil revenue makes up a third of the country's total economy - 90% of its exports - and supplies half the total government revenue.

Armed with this money, President Hugo Chavez is building what is described as "21st Century Socialism" in a country where over 50% of the population is still poor, and where the murder rate is one of the highest in the world.

Peter Day reports from Caracas to see if the President’s dreams can be achieved, or whether the oil might become the curse it has proved to be in other states.