Spain–Venezuela relations
News of Spanish losses in the 1808 Napoleonic Wars soon reached Latin America, but only on 19 April 1810 did the "cabildo" (city council) of Caracas decide to follow the example set by the Spanish provinces two years earlier. On 5 July 1811, seven of the ten provinces of the Captaincy General of Venezuela declared their independence in the Venezuelan Declaration of Independence. The First Republic of Venezuela was lost in 1812 following the 1812 Caracas earthquake and the Battle of La Victoria (1812). Simón Bolívar led an "Admirable Campaign" to retake Venezuela, establishing the Second Republic of Venezuela in 1813, but this did not last long either, falling to a combination of a local uprising and Spanish royalist reconquest.
Republic of Venezuela
Carlos Andrés Pérez took office in 1974, amid an oil crisis that had begun the previous year and had increased the global price of oil from $3 per barrel to nearly $12 per barrel. Venezuela nationalised its iron industry in 1975 and its oil industry the following year.