Cristina Fernández de Kirchner electricity, gas and water supply. These remained fixed during the terms of Duhalde and Néstor and Cristina Kirchner, despite the crisis that motivated them having ended. As the inflation rate grew during the period, the state financed part of these prices with subsidies. Investment in these areas decreased, and the generation and distribution networks suffered. Argentina lost its self-supply of energy, and had to import it, rather than being able to export surpluses. Kirchner proposed a fiscal austerity program in early 2012, including the gradual removal of subsidies. The proposal turned out to be unpopular, and was not implemented. She
YPF Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting lease awards, and price controls on domestic oil and gas. Political risks and government intervention, including price controls, have discouraged foreign investment in oil production in Latin America in general. President Cristina Fernández de Kirchner raised YPF frequently in speeches during March 2012, claiming that underinvestment and excessive dividends at the firm had caused declines in output. Governors in six fossil-fuel producing