He is hated not for his awful socialism, but for his criticism of Bush and his fascist empire. Now, we are told, he will "cut off" oil to the US. Both Chavez and Bush want to make him more significant than he is, but note this: he cannot cut off oil to the US. Oil is fungible. He can refuse to sell oil directing to US companies, but has to sell it somewhere. Then it can be bought by US companies. The OPEC oil boycott of the 1970s had the effect it had because of Nixon used the opportunity to impose energy socialism. OPEC oil was available on the international market, as always. So will Venezulean oil be available.

UPDATE from Philip Silouan: See Dilbert on this point!