Never in his wildest dreams did President Carlos Andrés Pérez foresee oil barrel prices over USD 100. He did not need to since a price per barrel in 1975 of USD 12 was enough for the nationalization of the oil industry to be considered the apparent victory of his economic policy.

From Zumaque I (western Zulia state), the first oil well discovered in Venezuela, Pérez, enacted the decree. It was not until January 1, 1976 that the Nationalization Law of the Oil Industry, created on August 29, 1975, came into effect.

When the 12 bells rang at midnight, there was no "Happy New Year!"; Venezuelans screamed "Oil is ours."

For the first time, the Venezuelan state was the sole manager of the riches obtained from the exploitation of this coveted resource.

The era of full concessions to foreign companies had come to an end. Petróleos de Venezuela, S.A. (Pdvsa) was born and every privately owned company became a subsidiary. OPEC, created 16 years earlier, would gain new direction.

Oil made it possible continued growth of public expenditure and increased output capacity, which characterized the "Saudi Venezuela" of Pérez.

Venezuela joined the ranks of Mexico, Indonesia, Algeria, Iraq and Libya, which had already nationalized petroleum.

The country owned its oil while others lost their freedom. US citizen William Niehous, vice president of a glass factory, was kidnapped on February 27 by Revolutionary Command Operation Argimiro Gabaldón, as a means of political pressure. From that moment on, the "Niehous Case" would be remembered in the country as the longest politically-motivated kidnapping ever. The US executive was freed after 1,218 days.

In Argentina Isabel Perón was incarcerated while in Venezuela, on April 25, the nation bid farewell to journalist Aquiles Nazoa. An automobile accident ended the life of the author of works such as Pan y Circo (Bread and Circus) and La caperucita roja criolla (Creole Little-Red Riding Hood).
 
Local literature had lost a great exponent, but the arts went on to gain new spaces. Inside a building developed by Carlos Raúl Villanueva, the National Arts Gallery was born. Located in Plaza de los Museos (Museum Square), the gallery showcased some of the most important collections of the country.
 
Sports were also highlighted. In the Montreal Olympic Games, Rumanian Nadia Comanecci became the "Queen of Gymnastics" by earning a perfect score of 10 during her performance.

A month later, the Popular Republic of China mourned the death of the leader of the Chinese Communist Party, Mao Tze-tung, who departed on September 9.

Memory is not capable of remembering it all, so technology came in to lend a helping hand and the Betamax was born. This Sony invention not only showed videos, but also recorded them from the television set to be enjoyed at the viewer's will.