Obama's foreign policy differs in tone from that of Bush in that he has taken a less belligerent tone and has been more conciliatory to countries that have serious conflicts with the United States. In the case of Venezuela this policy seems to be bearing fruit. Chavez has been toning down his rhetoric and speaks now more of the U.S. empire rather than engaging in the sort of negative rhetoric about Obama that characterised his relationship to Bush.
As this article notes relations have thawed sufficiently that the two countries will again establish diplomatic relations very shortly. This is part of an article from Reuters (India)
http://in.reuters.com/article/oilRpt/idI
MARACAY, Venezuela, June 24 (Reuters) - The United States and Venezuela will soon reinstate ambassadors expelled in a diplomatic spat last year, a sign of warmer relations between President Hugo Chavez and what he calls the U.S. "empire."
Leftist Chavez has toned down his strident criticism of U.S. foreign policy since Barack Obama took office in January, partly because the U.S. president is popular in Latin America in contrast to his predecessor George W. Bush.
Obama, in turn, has pledged to engage with countries considered problematic by the United States.
Venezuela, one of the United States' top crude oil suppliers, said its envoy would be back in Washington this week. A source at the U.S. State Department said Ambassador Patrick Duddy will return to Caracas, but did not say when.