Not surprisingly, Figure 2 shows that Venezuelan oil exports and the country's GDP increased along with the oil prices. By 1968 oil was 98% of Venezuelan imports, so it is logical to think that higher prices would increase the GDP. The prices would also serve as an incentive to increase production and export more.
The higher prices also translated into a bump in government revenue and expenditure, with a corresponding decrease in 2009 when prices fell (Figure 3). However, it is also interesting to note that revenue and expenditure seem to shadow each other.
Lastly, the unemployment rate has been falling pretty steadily since 2002, early in Chavez' first presidency. This could help to explain his popularity in the country's working class. Also, it is not clear if the unemployment rate is linked to oil prices. FUrther research would be needed into that relationship.