It's a complicated dynamic.

US firms are putting Venezuela lower down the list for new infrastructure investment because of the business environment there. Yes, there is a degree of blackmail involved, but thats business.

Chavez, who's attempted reforms I have no overall issue with, is getting it horribly wrong.

He is now starting to sound like a loony, railing off at his biggest customer, and one that his nation relies upon, because of a corporate action. Yes, Exxon has been the most aggressive against his nationalisation policies (incidentally, compensation is paid, the argument is over how much. The compensation offered is well over 3 times Exxons 'book value' on those assets). US gov't mandated? I don't know- but the US gov't says not.

This is a no win game he's playing. His reforms, whilst not necessarily bad in essence, are expensive. They rely on PDSA revenue. Which he is actively reducing, stupidly.

Intelligently carried out, I reckon he could get someplace. Right now, he looks like a loser. People are becoming disgruntled with him in Venezuela. He's just playing the populist fiddle to a dwindling audience.