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.

Share:

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.

Nearly USD92bn will be invested by major American and international groups in new data centres and energy infrastructure, responding to the surge in electricity demand linked to the rise of artificial intelligence.
Nouakchott has endured lengthy power interruptions for several weeks, highlighting the financial and technical limits of the Mauritanian Electricity Company as Mauritania aims to widen access and green its mix by 2030.
Between 2015 and 2024, four multilateral climate funds committed nearly eight bn USD to clean energy, attracting private capital through concessional terms while Africa and Asia absorbed more than half of the volume.
The Global Energy Policies Hub shows that strategic reserves, gas obligations, cybersecurity and critical-mineral policies are expanding rapidly, lifting oil coverage to 98 % of world imports.
According to a report by Ember, the Chinese government’s appliance trade-in campaign could double residential air-conditioner efficiency gains in 2025 and trim up to USD943mn from household electricity spending this year.
Washington is examining sectoral taxes on polysilicon and drones, two supply chains dominated by China, after triggering Section 232 to measure industrial dependency risks.
The 2025-2034 development plan presented by Terna includes strengthening Sicily’s grid, new interconnections, and major projects to support the region’s growing renewable energy capacity.
Terna and NPC Ukrenergo have concluded a three-year partnership in Rome aimed at strengthening the integration of the Ukrainian grid into the pan-European system, with an in-depth exchange of technological and regulatory expertise.
GE Vernova has secured a major contract to modernise the Kühmoos substation in Germany, enhancing grid reliability and integration capacity for power flows between Germany, France and Switzerland.
The National Energy System Operator forecasts electricity demand to rise to 785 TWh by 2050, underlining the need to modernise grids and integrate more clean energy to support the UK’s energy transition.
Terna has signed a guarantee agreement with SACE and the European Investment Bank to finance the Adriatic Link project, totalling approximately €1bn ($1.08bn) and validated as a major transaction under Italian regulations.
India unveils a series of reforms on oil and gas contracts, introducing a fiscal stability clause to enhance the sector’s attractiveness for foreign companies and boost its growth ambitions in upstream energy.
The European Commission is launching a special fund of EUR2.3bn ($2.5bn) to boost Ukraine’s reconstruction and attract private capital to the energy and infrastructure sectors.
Asia dominated global new renewable energy capacity in 2024 with 71% of installations, while Africa recorded limited growth of only 7.2%, according to the latest annual report from IRENA.
US President Donald Trump's One Big Beautiful Bill Act dramatically changes energy investment rules, imposing restrictions on renewables while favouring hydrocarbons, according to a recent report by consultancy firm Wood Mackenzie.
On July 8, 2025, the Senate validated the Gremillet bill, aimed at structuring France's energy transition with clear objectives for nuclear power, renewable energies, and energy renovation.
Brazil, Mexico, Argentina, Colombia, Chile, and Peru significantly increase renewable electricity production, reaching nearly 70% of the regional electricity mix, according to a recent Wood Mackenzie study on Latin America's energy sector.
The Canadian government announces an investment of more than $40mn to fund 13 energy projects led by Indigenous communities across the country, aiming to improve energy efficiency and increase local renewable energy use.
The German Ministry of Economy plans to significantly expand aid aimed at reducing industrial electricity costs, increasing eligible companies from 350 to 2,200, at an estimated cost of €4bn ($4.7bn).
A major electricity blackout paralyzed large parts of the Czech Republic, interrupting transport and essential networks, raising immediate economic concerns, and highlighting the vulnerability of energy infrastructures to unforeseen technical incidents.