External restriction during the post-neoliberal period: the case of gas oil

Abstract

During the post-neoliberal period (2003-2015), the Argentine economy faced a strong imbalance between the expansion of energy demand and the decline in hydrocarbon activity. Since 2011, the trade balance of the energy sector became loss-making and decisively contributed to the resurgence of the external restriction. The objective of this paper is to analyze the gas oil market and understand its impact on the energy trade deficit. As a hypothesis, it is argued that its incidence is due not only to its indirect role as a substitute for natural gas for power generation, but also to structural problems of both supply and demand that were not addressed within the sectoral system despite the changes in the regime of accumulation and the form of State. A methodological strategy based on documentary research was applied, through the collection, syste-matization and analysis of official data of the energy market and the regulations imple-mented.