Venezuela's economy is almost exclusively based on oil. Discovered in 1914, oil turned Venezuela into one of Latin America's richest countries, and it still accounts for more than 20 percent of the country's gross domestic product (GDP). The big oil boom came during the 1970s, transforming the country virtually overnight. Though the main oil deposits are located in the Maracaibo basin, Caracas has benefited tremendously from the revenue generated from oil; its modern architecture and its status as the center of political, scientific, and cultural Venezuela is due largely to oil revenue. Caracas is the main business center in the country, as well as the center of all business sectors—agriculture, oil, electricity—even though most of the resources come from different parts of the country. The recent transfer of power in the country's largest oil company has added to the economic uncertainty of the oil-producing nation, and economists are watching the markets, business sector, and political situation in Caracas closely.