Coup D'Etat In Venezuela Will Let Oil Flow

Dan Ackman

04.12.02, 9:14 AM ET

NEW YORK - Venezuelan President Hugo Chavez was forced from office in a military coup Thursday after widespread and bloody protests stemming from his conflicts with the nation's oil industry. The ouster of Chavez--the only democratically elected leader of an OPEC nation--was greeted by a dip in oil prices on world markets as military leaders appointed a business leader to be the titular head of the government. They also sought to end a national strike that was ostensibly in support of the protest by management at the state-run oil company.

The strike evolved into a movement to end Chavez's administration, which led to Chavez closing radio and television stations, leading in turn to street demonstration where 13 protesters were reportedly killed.

Chavez later presented his resignation while being held by generals who backed Pedro Carmona, head of Venezuela's largest business association, as head of a transitional government to be installed later today. Carmona announced an immediate end to a general strike called earlier this week against Chavez, raising questions about who was controlling the strike in the first place. The general strike was an expansion of a strike at the state oil company that was said to be in opposition to Chavez's efforts to take more direct control of the firm.

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