Venezuela began exporting oil in the beginning of the 20th century, and since then has built its economy on the revenue from its oil exports. Supported by its vast oil reserves, Venezuela rose to the position of the richest country in Latin America in 1970, but its economy was vulnerable to fluctuating oil prices. In the 1980s and 1990s, Venezuela sat on 60 billion barrels of oil. By 2010, it had 297 billion barrels in reserve, making it the country with the world’s largest crude oil reserves. However, when oil prices fell in the 1980s, Venezuela’s economy suffered greatly, due to 90 percent of its export revenue consisting of oil exports. When Hugo Chavez came into power in 1991, he brought with him a socialist revolution. To restore economic development, Chavez nationalized the country’s oil, healthcare, and food industries. He used oil export revenue to fund social programs as well as food subsidies for the poor, and supplied essential goods at low prices by importing them. Combined with high international oil prices during that period, Chavez’s economic system functioned well.