The last election results returned a clear victory for the Fifth Republic Movement (MVR) headed by Hugo Chavez Frias who received 59% of the vote. The next presidential election is scheduled for 3 December 2006. Other influential political organisations include the Venezuelan Federation of Chambers of Commerce (Federación de Cámaras y Asociaciones de Comercio y Producción de Venezuela) also known as Fedecámaras. This organisation represents the interests of twelve industry sectors: banking, agriculture, commerce, construction, energy, manufacturing, media, mining, ranching, insurance, transportation and tourism.

Fedecámaras sets wages and working conditions within these sectors and enforces these through management strikes and lock outs. It was heavily involved in the failed coup attempt in 2002 and its leader, Pedro Carmona, briefly assumed the presidency before seeking sanctuary in Colombia. In 2002 the president appointed a new Board of Directors at Petroleos de Venezuela, the national oil company. This move was deeply unpopular with oil company executives, right wing media interests, the Fedecámaras business group, and opposition trade unions.

A national strike and lockout was called which lasted nine weeks. The military leadership sided with the strikers and took the president into military custody. However, Hugo Chavez resumed his presidency when the interim dictatorship collapsed after two days. Amidst a background of growing popular opposition to the forces attempting to depose the president, the Organisation of American States (OAS) brokered a deal with the government and opposition forces to hold a referendum on the continuation of the presidency. Millions signed two petitions demanding that the referendum be held, and finally the interim government agreed.