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Argentina Seizes 51% of Oil Producer YPF to Stem Imports

Bloomberg -- Argentina’s seizure of YPF SA (YPFD) threatens to take the country further away from its goal of energy self-sufficiency as investors weigh the increased risk of expropriation in South America’s second-biggest economy.

President Cristina Fernandez de Kirchner named Planning Minister Julio De Vido to head the oil company with immediate effect and is sending a bill to Congress to take a 51 percent stake after oil imports doubled. Argentina, which wants to produce enough crude to match consumption, risks becoming “unviable” as a country because of the surge in imports, Fernandez said yesterday.

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Submitted Apr 18, 2012 By: Mudsprings

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rjhenn Champion Author Des Moines Posts:22,419 Points:2,226,625 Joined:Aug 2005	Message Posted: Apr 20, 2012 12:28:38 PM Ignore rjhenn Report Abuse vollee - "He already did it with Gov'mint Motors and the giveaway of Chrysler to Fiat." Say what?
goldrose1 Champion Author Cleveland Posts:10,926 Points:1,921,805 Joined:Feb 2005	Message Posted: Apr 19, 2012 9:12:57 PM Ignore goldrose1 Report Abuse And this after Americas conference.
pbug101 Champion Author Georgia Posts:2,439 Points:575,900 Joined:Aug 2011	Message Posted: Apr 19, 2012 7:32:38 PM Ignore pbug101 Report Abuse ok
puinsai808 Champion Author Honolulu Posts:3,524 Points:723,305 Joined:May 2011	Message Posted: Apr 19, 2012 9:15:40 AM Ignore puinsai808 Report Abuse Nobama would love to mimic them.
nb52 Champion Author Grand Rapids Posts:7,760 Points:1,542,850 Joined:Nov 2008	Message Posted: Apr 19, 2012 5:31:41 AM Ignore nb52 Report Abuse Ditto vollee!
DandyDapple All-Star Author North Dakota Posts:715 Points:307,820 Joined:Sep 2008	Message Posted: Apr 18, 2012 11:22:33 PM Ignore DandyDapple Report Abuse OMG 2012 ...
vollee Champion Author Cincinnati Posts:1,752 Points:755,975 Joined:Dec 2007	Message Posted: Apr 18, 2012 11:15:30 PM Ignore vollee Report Abuse GordoM hit the nail on the head. Remove incentives for companies to invest and prosper and they will not invest. Those economic idiots that think the USA should do the same, would be best advised to take Economics 101 and actually understand and pass the course. Nationalizing the oil industry would reduce production & supply and double prices within a few months. And we know BHO would LOVE to do the same. And he would be stupid enough to do it. He already did it with Gov'mint Motors and the giveaway of Chrysler to Fiat. [Edited by: vollee at 4/19/2012 12:17:32 AM EST]
defiancegasman Champion Author Ohio Posts:7,075 Points:1,322,185 Joined:May 2006	Message Posted: Apr 18, 2012 10:57:56 PM Ignore defiancegasman Report Abuse US should do that to all the Natural Gas that is going to be exported!
TekWare Champion Author Toronto Posts:3,146 Points:669,525 Joined:May 2011	Message Posted: Apr 18, 2012 10:57:40 PM Ignore TekWare Report Abuse Ok
NedW Champion Author Indianapolis Posts:5,594 Points:1,138,245 Joined:Mar 2008	Message Posted: Apr 18, 2012 10:56:49 PM Ignore NedW Report Abuse Oh, no.
satrn38mpg Champion Author Raleigh Posts:5,052 Points:1,050,015 Joined:Sep 2009	Message Posted: Apr 18, 2012 10:53:58 PM Ignore satrn38mpg Report Abuse good luck >>
GordoM All-Star Author Detroit Posts:996 Points:991,005 Joined:Nov 2006	Message Posted: Apr 18, 2012 10:52:57 PM Ignore GordoM Report Abuse Story from company is that Argentina's new laws and regulations made profitable operations of YPF almost impossible so risky and expensive investments were slowed. Companies respond to incentives just like everybody else, and they had none given price controls, taxes, and other regulations. Kind of like how our government drives companies and jobs off shore. We now have the highest developed country corporate tax rates in the world. Why invest here?
azadus All-Star Author Houston Posts:554 Points:110,975 Joined:Mar 2012	Message Posted: Apr 18, 2012 10:50:21 PM Ignore azadus Report Abuse ok
mindrisa Veteran Author Denver Posts:375 Points:133,755 Joined:Feb 2012	Message Posted: Apr 18, 2012 10:49:14 PM Ignore mindrisa Report Abuse ok
OGW Champion Author London Posts:5,324 Points:1,529,650 Joined:Sep 2005	Message Posted: Apr 18, 2012 10:42:38 PM Ignore OGW Report Abuse Long over due. The company was just screwing the people of Argentina pure and simple.
bowler360 Champion Author Illinois Posts:1,955 Points:495,775 Joined:Jun 2011	Message Posted: Apr 18, 2012 10:41:33 PM Ignore bowler360 Report Abuse Who cares.
mstearno Champion Author Dayton Posts:8,048 Points:1,728,210 Joined:Jan 2008	Message Posted: Apr 18, 2012 10:38:59 PM Ignore mstearno Report Abuse Obama like???
us4usa Champion Author Missouri Posts:5,976 Points:1,109,385 Joined:May 2008	Message Posted: Apr 18, 2012 10:37:34 PM Ignore us4usa Report Abuse And some want bigger government...
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Apr 18, 2012 10:35:48 PM Ignore sammy518 Report Abuse OK
chillyman3 Champion Author Illinois Posts:1,349 Points:421,065 Joined:Jan 2012	Message Posted: Apr 18, 2012 10:34:54 PM Ignore chillyman3 Report Abuse ok
big_mac64 Champion Author Tennessee Posts:10,593 Points:1,485,590 Joined:May 2005	Message Posted: Apr 18, 2012 10:34:14 PM Ignore big_mac64 Report Abuse ok
theschmuck Champion Author Michigan Posts:2,902 Points:1,508,600 Joined:Mar 2007	Message Posted: Apr 18, 2012 10:33:43 PM Ignore theschmuck Report Abuse A good point made by 'deg'. The US has slipped badly in the eyes of the world during the last three years thanks to u know who.
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Apr 18, 2012 10:33:31 PM Ignore tippybuddy Report Abuse ok
wulf2000 Champion Author Miami Posts:3,017 Points:1,385,830 Joined:May 2005	Message Posted: Apr 18, 2012 10:27:12 PM Ignore wulf2000 Report Abuse Soon Obama will forllow Kirchner steps. US under Obama's leadership will follow other South American countries as a banana republic.
Blue48 Champion Author Illinois Posts:7,290 Points:1,634,920 Joined:Feb 2007	Message Posted: Apr 18, 2012 10:25:11 PM Ignore Blue48 Report Abuse WHAT EVER!
carman11 Champion Author North Carolina Posts:3,314 Points:687,725 Joined:Jun 2011	Message Posted: Apr 18, 2012 10:24:48 PM Ignore carman11 Report Abuse NOW THAT IS INTERESTING
crashintuc34 Champion Author Tucson Posts:4,032 Points:807,890 Joined:May 2010	Message Posted: Apr 18, 2012 10:22:14 PM Ignore crashintuc34 Report Abuse D'oh!
letterchunker Champion Author Texas Posts:2,230 Points:664,650 Joined:Aug 2008	Message Posted: Apr 18, 2012 10:17:54 PM Ignore letterchunker Report Abuse okay
serrog Champion Author Nova Scotia Posts:5,549 Points:1,509,205 Joined:Oct 2008	Message Posted: Apr 18, 2012 10:16:38 PM Ignore serrog Report Abuse ok
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,859,780 Joined:Jun 2006	Message Posted: Apr 18, 2012 10:16:12 PM Ignore PizzaMon Report Abuse Never a good idea.
g747 Champion Author Mobile Posts:4,521 Points:929,670 Joined:Jul 2009	Message Posted: Apr 18, 2012 10:15:21 PM Ignore g747 Report Abuse Argentina must be self-reliant on themselves.
radiorumor Champion Author Texas Posts:2,792 Points:749,860 Joined:Feb 2011	Message Posted: Apr 18, 2012 10:14:19 PM Ignore radiorumor Report Abuse Truth hurts therefore lying will get you elected
DEG Champion Author Las Vegas Posts:17,605 Points:3,491,680 Joined:Jul 2003	Message Posted: Apr 18, 2012 10:12:53 PM Ignore DEG Report Abuse Sounds like short-sighted policies (just like Obama's destruction of America).
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Apr 18, 2012 10:12:41 PM Ignore jessek Report Abuse Scary!
DustyHorse Champion Author Virginia Posts:6,067 Points:1,387,845 Joined:Oct 2008	Message Posted: Apr 18, 2012 10:11:08 PM Ignore DustyHorse Report Abuse Not a good idea.
Alaydown Champion Author Los Angeles Posts:5,093 Points:819,395 Joined:May 2007	Message Posted: Apr 18, 2012 10:09:16 PM Ignore Alaydown Report Abuse clermont40miles, very true, but BHO won't try to do the same until AFTER the election. As he said to the Russian president on a hot microphone, "This is my last election. After my election I have more flexibility." Everyone should take his words to the Russian as a dire warning. Be afraid! Be very afraid!
altima2008 Champion Author Philadelphia Posts:8,145 Points:1,733,990 Joined:Apr 2008	Message Posted: Apr 18, 2012 10:08:36 PM Ignore altima2008 Report Abuse were screwed
bif65 Champion Author Virginia Posts:1,023 Points:194,880 Joined:Jan 2011	Message Posted: Apr 18, 2012 10:05:46 PM Ignore bif65 Report Abuse ok
MidNJ Champion Author New Jersey Posts:7,536 Points:1,169,685 Joined:Sep 2009	Message Posted: Apr 18, 2012 10:05:45 PM Ignore MidNJ Report Abuse Actually, Argentina is an independent nation and, if we are talking about Nationalizing the oil industry that is what Newt is about. Why??? Why, the only way Newt can deliver on $2.50 gas prices is if he Nationalizes (or seizes) our oil industry. ------------------ Beware of those who make false promises!
clermont40miles Champion Author Cincinnati Posts:10,548 Points:1,768,870 Joined:Apr 2008	Message Posted: Apr 18, 2012 9:56:37 PM Ignore clermont40miles Report Abuse BHO is watching and licking his chops to do the same. Freedom and private property are fading fast. Stand strong like free men ought. Having done all, stand.
JasonKY Veteran Author Lexington Posts:292 Points:67,795 Joined:Feb 2012	Message Posted: Apr 18, 2012 9:50:52 PM Ignore JasonKY Report Abuse Not good for US, and not good for Argentina and the rest of the Pan American countries.
mrbee Champion Author Little Rock Posts:3,738 Points:2,462,585 Joined:Oct 2005	Message Posted: Apr 18, 2012 9:48:54 PM Ignore mrbee Report Abuse Not good.
boborobot All-Star Author Michigan Posts:501 Points:413,950 Joined:Dec 2011	Message Posted: Apr 18, 2012 9:46:25 PM Ignore boborobot Report Abuse Sounds like the US Government.
WBBNC Veteran Author North Carolina Posts:499 Points:488,640 Joined:Jan 2011	Message Posted: Apr 18, 2012 9:45:33 PM Ignore WBBNC Report Abuse Sounds familiar. It's US.
fajeff01 All-Star Author Atlanta Posts:649 Points:1,319,755 Joined:Jan 2005	Message Posted: Apr 18, 2012 9:44:45 PM Ignore fajeff01 Report Abuse Yes...good old nationalization. Now why isn't America saying anything about Argentina nationalizing so many business sectors such as their airlines, obviously the oil company that's really owned by Spain, and the fact that Argentina refused to pay their international loans when they were called a decade ago? Yet far poorer nations are being called and ridiculed for not being ABLE to pay back their loans...you know...the loans they had to borrow from the same countries that STOLE TRILLIONS in resources from these now "poorer" countries??? Hmmm...and still we refuse to SERIOUSLY help Haiti. Haiti could have be revitalized decades ago. We're dragging our feet on purpose. Oh but we can CONTINUOUSLY complain about Cuba and Venezuela having done the EXACT same thing that Argentina has been doing for the last decade without a peep from our American government. It doesn't sound like equal opportunity bullying by our American government. I'm sure it's no accident.
tco9436 Champion Author Connecticut Posts:1,772 Points:719,175 Joined:Mar 2010	Message Posted: Apr 18, 2012 9:40:17 PM Ignore tco9436 Report Abuse Oh boy!
bvrbill Champion Author Eugene Posts:3,193 Points:514,850 Joined:Jul 2011	Message Posted: Apr 18, 2012 9:40:08 PM Ignore bvrbill Report Abuse Who will want to do business in Argentina?
gas_too_high Champion Author Columbus Posts:11,523 Points:1,929,440 Joined:Aug 2005	Message Posted: Apr 18, 2012 9:36:02 PM Ignore gas_too_high Report Abuse If you want to keep oil in our country, you have to allow the production of oil to be profitable. You can't do that by confiscation. Bottom line: I won't cry for you, Argentina. GTH
2gjh Champion Author North Dakota Posts:3,174 Points:2,447,600 Joined:Nov 2003	Message Posted: Apr 18, 2012 9:35:09 PM Ignore 2gjh Report Abuse Watch out our Socialist King might seize oil company assets
babugp Veteran Author Philadelphia Posts:339 Points:76,685 Joined:Mar 2012	Message Posted: Apr 18, 2012 9:32:52 PM Ignore babugp Report Abuse cool