- Title: ARGENTINA: PETROL SHORTAGE FOLLOWS A MASSIVE 85 PER CENT PRICE INCREASE.
- Date: 10th April 1977
- Summary: 1. GV Traffic in Buenos Aires street 0.08 2. GV PAN AND SV Cars queueing at petrol station and station attendants filling cars 0.34 3. GV Sign at petrol station saying "no petrol" in Spanish 0.38 4. SV PAN AND GV Oil pumps called Camels, at work (3 shots) 1.02 5. SV Flames coming from gas exhaust at refinery, PULL OUT TO GV oil storage tank 1.09 6. LV & GVs Storage tank on coastline 1.15 7. GV Oil pipeline 1.20 8. GV Petrol tankers parked near oil refinery 1.31 9. GV & LV Oil tankers at sea near dock 1.41 Initials OS Script is copyright Reuters Limited. All rights reserved
- Embargoed: 25th April 1977 13:00
- Location: BEUNOS AIRES AND COMODORO RIVADAVIA, ARGENTINA
- Country: Argentina
- Reuters ID: LVA6XQQUAJ0OA9VSHZNL4T1KDHI
- Story Text: INTRODUCTION: There is a shortage of petrol in Argentina following a massive 85 per cent increase in the price of the fuel. In Buenos Aires, the capital, motorists are queueing to fill their tanks at the few petrol stations that have any petrol.
SYNOPSIS: The storage hasn't yet had any serious effects, and most motorists are able to obtain enough petrol to go about their day-to -day business. The reasons for the shortage are not clear. The Economy Ministry claims that the problem is due to a fault at the stage of refinery of the crude oil. The motorists, however, are more sceptical, and blame intermediaries for holding the fuel following the granting of the increase by the government.
Argentina's oil industry currently produces about 68,000 cubic metres a day, or nearly 90 per cent of the country's needs.The country's economic authorities have announced a plan for the development of the oil industry up to 1985. It will require an investment of 10 billion dollars (5.8 billion pounds sterling), but in the light of the country's poor economic situation, the government has appealed to foreign oil companies to assist local private enterprise to take the burden off the state oil company, YPF, in the development.
The government hopes to make Argentina self-sufficient within two years. To cut costs they plan to re-open several hundred old wells. The Energy department is negotiating to acquire British expertise in offshore oil exploration.
Talk of future development doesn't overcome the immediate problem of the petrol shortage, however. While petrol tankers wait idle at the refineries, the government's explanations don't satisfy Argentina's motorists.
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