When and why did Chavez decided to nationalize Oil?

Question

Has this in anyway affected Venezuela and the nations it trades oil with?

Answer 1

The decree was signed on Feb. 27 2007

  the reason was to prevent the type of events that is effecting the US at this time-Think about it this way- who's oil is it? The oil companies, or does it belong to the citizens of Venezuela? The citizens of the US should demand that the oil companies be nationalized. When are the people going to realize that the oil in the ground does not belong to the oil companies to use for their profit? The gas is being sold in Venezuela for less then 20 cents a gallon. How does that compare with the last gallon of gas that you bought?

  The US is a major importer of Venezuela's oil.So evidently it has not had an adverse effect on their oil trade.