MercoPress. South Atlantic News Agency

Venezuelans to vote on president

Venezuelans cast ballots today in an election polls show will hand President Hugo Chavez six more years in office after he spent the nation's oil wealth on helping the poor and bolstering anti-U.S. sentiment in the region.

Venezuela's stock index had its highest gain in almost four years Friday on expectations Chavez, 52, will win re-election in a peaceful contest that more than 200 international observers are monitoring. Most polls show Chavez 20 percentage points ahead of his main rival, Manuel Rosales, a former Zulia state governor.

Chavez, a former lieutenant colonel and ally of Cuban President Fidel Castro who first won election in 1998 and then again in 2000, vowed during the campaign to keep spending the windfall from Venezuela's oil exports on social programs. He reiterated a plan on Nov. 30 to abolish presidential term limits in the constitution so that he could serve longer and further his ''socialist revolution,'' which has enabled him to increase control over the nation's institutions.

Millions of Chavez opponents have taken to the streets in recent weeks to protest the president's re-election bid. The campaign has been plagued by complaints alleging Chavez misused state funds in his campaign and intimidated opponents. Opinion polls failed to predict a reliable outcome, as voters, concerned about the secrecy of their ballots, hesitate to tell pollsters their true views.

Venezuela is the world's fifth-largest oil exporter. Oil accounts for about half of the government's revenue.

Chavez has tapped the oil windfall to more than double government spending since 2004, helping fuel economic growth of more than 10 percent a year. At the same time, the government's domestic debt and the annual inflation rate has jumped to 15.5 percent in October, the highest level among Latin America's 10 biggest economies.

Chavez, who led a failed coup in 1992 and himself was briefly toppled by another in April 2002, has financed social programs to help cut the poverty rate to 38 percent of the population from about 55 percent three years ago.

Voters cast ballots today at about 32,000 polling booths that are open 6 a.m. local time to 4 p.m.

Venezuelans rushed to supermarkets to stock up on extra food and water ahead of the election on concern violence may erupt. Chavez suggested this week that Rosales may refuse to concede defeat.

Supermarkets in parts of Caracas ran out of water, milk and candles. Caracas has been rocked by rioting and political violence several times since 1989.