How Black Gold Is Involved in the Argentine Presidential Campaign

The oil issue is taking center stage in Argentina's presidential campaign, exacerbated by fuel shortages, government warnings to the oil sector and controversial comparisons with Venezuela.

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Argentina’s presidential campaign has recently been marked by a series of fuel shortages in various regions. Queues at service stations increased over the weekend, although the situation seems to be improving. The country’s main oil companies, including YPF, Raizen, Trafigura and Axion Energy, have given assurances that the situation “will normalize in the next few days”. They attribute these shortages to a series of events leading to exceptional demand, including a long bank holiday weekend, a national mobility peak linked to the elections and the start of the farming season.

The Government Warns the Oil Sector

The government has also issued a warning to the oil industry. Economy Minister and presidential candidate Sergio Massa implicitly accused the companies of favoring lucrative exports to the detriment of the domestic market, where fuel prices are regulated. “Argentine oil to Argentines first,” said Massa, adding that if the situation wasn’t resolved soon, “no more tankers will go out” for export. This statement raises questions about the management of the country’s natural resources and the government’s role in regulating the energy sector.

Controversial comparisons with Venezuela

Against this backdrop, Javier Milei, the ultraliberal candidate who will face Massa in the second round, made some bold comparisons between the situation in Argentina and that in Venezuela. According to Milei, Argentina risks following the same path as Venezuela, which has experienced shortages despite its vast oil reserves. Milei said that “what’s happening with Massa is the same as with Maduro in Venezuela”, adding that Argentina has the energy potential to avoid such a crisis, but could lose it through bad policies.

Oil has become a key issue in Argentina’s presidential campaign, with fuel shortages, government warnings and controversial political statements. While oil companies assure us that the situation will return to normal, the debate over the management of the country’s energy resources and their impact on the economy and domestic politics remains open. The second round of elections could well be a referendum on how Argentina manages its precious natural resources.

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