With polls showing Chávez strongly in the lead in the December 3, 2006, Venezuelan presidential election, the United States needs to prepare for another six-year term with the controversial leader. This report proposes a new strategic framework for U.S. policy toward Venezuela. This report is also available in Spanish.

“Chávez’s bark...is far worse than his bite,” says a new Council Special Report, which urges U.S. officials to “look beyond his blustery rhetoric…as long as Chávez does not take steps that fundamentally threaten essential U.S. interests in Latin America.” With polls showing Chávez strongly in the lead in the upcoming December 3 Venezuelan presidential election, the United States needs to prepare for another six-year term with the controversial leader.

In a recent world tour—stops included Belarus, Russia, and Iran—Venezuelan President Hugo Chavez attempted to expand his influence beyond Latin America and capitalize on the leverage afforded by his oil riches.

Hugo Chavez's recent world tour secured arms deals and an energy pact with a U.S. nemesis, Iran, but it's unclear whether the Venezuelan president's oil-fueled rise is sustainable.

A row over landing rights threatens to further strain U.S. relations with Venezuela. The dispute comes at a time when diplomacy with South America is already fraught with tension.

Secretary Rice and U.S. public diplomacy chief Karen Hughes travel to South America this week for the inauguration of Chile's first woman president, Michelle Bachelet. The trip could signal a new focus on South America, at a time when a growing number of leftist governments in the region pose questions for U.S. policies there.

The 1999 constitution, also called the "Bolivarian Constitution," was the first in Venezuela to be approved by popular referendum, replacing the 1961 constitution.