Hugo Chavez: Friend or Foe?

I was reading Fortune magazine earlier this week when I came across an article about the president of Venezuela, Hugo Chavez. In the article it explained that Venezuela supplies 1/7 of our oil imports. It also talked about how he wants to raise prices for the oil we buy from him. People in congress are even starting to become " eager to confront this dangerous regime close to U.S. shores." My question is with gas prices already on the rise from the hurricanes and other factors around the world, what should the U.S. do about President Hugo?