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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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Argentina Seizes 51% of Oil Producer YPF to Stem Imports Post a Reply Back to Topics
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rjhenn
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Message Posted: Apr 20, 2012 1:28:38 PM
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vollee - "He already did it with Gov'mint Motors and the giveaway of Chrysler to Fiat."

Say what?
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goldrose1
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And this after Americas conference.
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pbug101
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puinsai808
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Nobama would love to mimic them.
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nb52
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Ditto vollee!
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DandyDapple
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OMG 2012 ...
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vollee
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Message Posted: Apr 19, 2012 12:15:30 AM
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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]
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defiancegasman
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Message Posted: Apr 18, 2012 11:57:56 PM
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US should do that to all the Natural Gas that is going to be exported!
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TekWare
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Ok
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NedW
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Oh, no.
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satrn38mpg
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good luck >>
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GordoM
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Message Posted: Apr 18, 2012 11:52:57 PM
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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?
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azadus
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ok
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mindrisa
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OGW
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Message Posted: Apr 18, 2012 11:42:38 PM
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Long over due. The company was just screwing the people of Argentina pure and simple.
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bowler360
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Who cares.
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mstearno
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Obama like???
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us4usa
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And some want bigger government...
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sammy518
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OK
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theschmuck
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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.
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tippybuddy
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wulf2000
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Message Posted: Apr 18, 2012 11:27:12 PM
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Soon Obama will forllow Kirchner steps.

US under Obama's leadership will follow other South American countries as a banana republic.
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Blue48
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WHAT EVER!
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carman11
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NOW THAT IS INTERESTING
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crashintuc34
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D'oh!
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letterchunker
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okay
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serrog
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PizzaMon
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Never a good idea.
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g747
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Argentina must be self-reliant on themselves.
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radiorumor
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Truth hurts therefore lying will get you elected
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DEG
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Sounds like short-sighted policies (just like Obama's destruction of America).
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jessek
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Scary!
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DustyHorse
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Not a good idea.
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Alaydown
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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!
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altima2008
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were screwed
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bif65
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ok
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MidNJ
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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!
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clermont40miles
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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.
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JasonKY
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Message Posted: Apr 18, 2012 10:50:52 PM
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Not good for US, and not good for Argentina and the rest of the Pan American countries.
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mrbee
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Not good.
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boborobot
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Sounds like the US Government.
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WBBNC
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Sounds familiar. It's US.
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fajeff01
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Message Posted: Apr 18, 2012 10:44:45 PM
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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.
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tco9436
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Oh boy!
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bvrbill
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Who will want to do business in Argentina?
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gas_too_high
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Message Posted: Apr 18, 2012 10:36:02 PM
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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
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2gjh
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Message Posted: Apr 18, 2012 10:35:09 PM
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Watch out our Socialist King might seize oil company assets
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babugp
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cool
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