Gas Shortages Spike in Argentina Ahead of Presidential Election Runoff, Threats to Halt Oil Exports Emerge

Refining problems and lack of dollar reserves delay imports in South America's major shale oil and gas producer as presidential candidates throw blame at the oil companies and each other.

• Long lines formed at gas stations throughout Argentina due to surging demand that outstripped supply ahead of the presidential runoff election.
• Amidst the shortages, presidential candidate Sergio Massa threatened to stop oil exports if the situation did not normalize; while his opponent, Javier Milei, criticized the government's leftist policies as the root cause.
• The oil companies blamed the fuel deficit on unrelated recent events and ensured the public of their robust capacity to produce.
• Massa accused the oil companies of holding onto stock in anticipation of price increases surrounding the election, while Milei blamed the government's price controls.
• Argentina usually imports approximately 20% of its domestically used refined fuel, however, lack of dollar reserves caused delays.

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