Oil at $77? It Is in This Country That Plays by Its Own Rules

26 Aug 2015   Argentina

Oil at $77? It is in Argentina. Oil has plummeted below $39 a barrel in the U.S. But despite the price bloodbath in global energy markets, it fetches nearly twice that amount in Argentina — home to some of the most expensive crude in the world. Even as prices plunged anew Monday, sending world benchmarks close to the lowest levels they briefly hit in the Great Recession, oil is still flying high in Argentina for the simple reason the government wants it that way. There is some method behind the apparent madness. Argentina is home to the second-largest reserves of shale gas and fourth- largest of shale oil in the world. Faced with a $6-billion energy trade deficit in 2014, the government has been using its made-in-Argentina price to try to turbocharge domestic […]

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