Nationalization of oil supplies In April 2010, Argentina's president Cristina Fernández de Kirchner introduced a bill on April 16, 2012, for the expropriation of YPF, the nation's largest energy firm. The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%. Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries, and declines in output at the firm represented 54% of the nation's lost oil production and 97% in the case of natural gas. Market analysts and Repsol blamed the decline
Cristina Fernández de Kirchner bill. It was rejected by many sectors of society. The first big demonstration (a "cacerolazo") took place in September 2012. It was not called by specific politicians or social leaders, but by the public using social networks. The massive turnout was completely unexpected by both the government and the opposition. People also protested the 2012 Buenos Aires rail disaster, the conflict between Kirchnerism and the media, rising crime rates, and the tight currency controls. Kirchner dismissed the demonstration, and said that she would continue working as before. Most of the Kirchner loyalists, however, preferred simply to ignore the protest. A