Restructuring of Argentine hydrocarbon sector and capital «accumulation strategy» during the convertibility regime

Abstract

This article addresses a topic with a long tradition in the field of Social Sciences in Argentina. For both scientific and political reasons, the evolution of the hydrocarbon sector has been a relevant subject in the discussion regarding the consecutive «stages of development» all along the 20th century. In this sense, the period opened by the implementation of neoliberal reforms has attracted particular interest among researchers. In the framework of a general process of capital restructuring and metamorphosis of the State, the oil industry went through deep and lasting qualitative changes. The present paper analyses the policies of neoliberal reorganization of the hydrocarbon sector, in its articulation with the main characteristics of the capital «accumulation strategy» during the stage dominated by the convertibility regime (1989-2001). Fulfilling this objective, we try to prove that the commodification of oil and gas —operated through an extensive deregulation and market opening to international competition— was the reverse of the guarantee of fuel supply for a model of economic growth based on the development of the productive sectors. In order to do this, we critically assess the existing bibliography on the period, qualitatively appraise the main policies implemented and quantitatively analyse a set of economic-productive variables. Finally, the article synthetizes the complexity of such articulation, together with the dilemmas in which State’s hydrocarbon policy would fall once the convertibility regime was over.