The Bolivarian Republic of Venezuela is bordered by Colombia, Brazil, and Guyana in the South American region. Venezuela borders the Caribbean Sea and the North Atlantic ocean. It is a notable country for its rich oil deposits and its longtime dictator, Hugo Chavez. Since his death, Nicolas Maduro was elected as President. Venezuela was under a system of socialism under Chavez, and officially remains a democratic system. Despite the abundance of oil in the country, Venezuelans largely remain poor and income inequality and unemployment tends to be high.