The people of Venezuela are casting votes that may unseat their nation's governing socialist party.

The widespread frustration over Venezuela’s current economic situation has led political observers to believe that the right wing opposition party may, after 17 years of socialism, come to power.

Under Venezuela’s President Nicolas Maduro, the Bolivar has become worthless and the nation has been saddled with the highest inflation in the world.

The opposition party has accused the United Socialist Party of Venezuela of ruining the economy through mismanagement.

The BBC reports President Maduro remains confident that despite the mood of discontent in his country, the UPSUV will be triumphant in today's election. "They say they're winning in the polls -- it's the same story of the last 17 years," he said. "Let them win in the polls, we will win in the streets."

Maduro has blamed his nation’s failing economy on what he calls an "economic war" which he claims has been waged on his government by the opposition party and its allies. The opposition party has criticized Maduro’s administration of promoting an authoritarian atmosphere that clouds true democracy.

Mass poverty is pervasive in Venezuela. Bloomberg reports the minimum wage in the country amounts to around $48 dollars a month.

As exit polls are banned in the country, election observers will have to wait until tonight to see if the political mood of Venezuela will turn away from nearly two decades of socialism toward a more capitalist model of government.

According to The Guardian, the Datanalisis polling firm informs that 55.6 percent of voters participating in today’s election say they will choose an opposition candidate in their district.

Maduro has expressed his party's desire to fight for ordinary Venezuelan citizens through a socialist program that was initiated by the late Venezuelan leader Hugo Chavez.