It seems he has been jailing some American citizens and the military exchange program is now on the rocks. Yep, Venezuela appears to be headed towards a Chavez communist regime. Certainly a threat to our oil. 
What should the US do?
I believe Venezuela's oil production is almost entirely offshore. Securing those oil fields would be vastly easier than securing Iraq's oil production. It could probably be done very cheaply and without a single combat death (on our side, at least). Chavez wouldn't last too long without his oil, especially if he is stripped of it in a way that displays his impotence.
