From glory to infamy and back again.
The discovery of America. A tale of adventures, discovery, daring, danger and, well... massacre. The exactions of European, mostly Spanish, conquerors (as they called themselves) in America probably amount to the worst thing that ever happened to humanity, vastly topping any other campaign of horror that has splattered history. It killed millions over millions of humans, obliterated dozens of distinct cultures, and is generally spangled with abuses of the kind of mind-boggling cruelty that would make a taliban acid-disfigurer of little schoolgirls piss his djellaba in disgust. In such devastation, tremendous wealth is lost forever, but some of it is transfered to the few that happen to be at the right place and time. The few people that drew profit from the destruction of America were almost all on the destructor's side and, were their heirs clever enough to keep the goods safe, they still enjoy the benefits of it, unquestioned by the puny survivors of the holocaust. History is written by the winners, and we associate historic infamy with the loser nazis more than with the glorious conquistadores. They are still portrayed favorably in Spanish schools. The monument to the glory of Hernan Cortes is proudly standing in the main city of his native state, Badajoz.
So, they ran with the gold and sit unchallenged on the stolen wealth of America, while the survivors of the genocide could definitely use it. Not only that, they STILL extract the resources of America, paying a fraction to the locals to make it look like they never actually came, killed everyone, burned every town before they started mining.
You would expect, however, that when some survivors do read history again and say: "Wait-a-minute, isn't that our stuff?" they would look at their feet guiltily before eventually returning it, because it really never was theirs.
Now, this exact situation is happening right now. In Argentina, it is a Spanish company that extracts the oil, paying a fixed rent and reaping the benefits and taking them away from America. Just like in the good old days, with the negligible difference of the small rent. And the Argentinian state, that is only now recovering from the massacre of 500 years ago, finally feels strong enough to say: "Hey, that's our stuff you're selling, it should be us". Not even adding "And you should return what you took earlier". Not even adding "With interests, motherfuckers". Not even daring "Your fathers killed the people from this land!" . Do the spaniards look at their feet guiltily? You guessed right, they take it as a personal insult ("It's a hostile decision [...] against Spain") and threaten retaliation. The word "retaliation" doesn't seem to hurt their mouth, since no American army ever hit their land in retaliation for the Conquista.
Now, I know that the spanish company that owns the extraction facilities bought them on the global market at no preferential price, that it is against the international trade rules to expropriate business owners, whether they be local farmers or big ass corporations. But I don't see many big ass corporations from Argentina buying the natural resources in Spain. That would be considered sick. That the opposite was accepted for decades is a long running consequence of a genocide and colonization that was never ever repaid.
And, no, I do not think that an Argentinian government agency would do a more or less efficient job at extracting oil in Argentine. It's a question of principle. The lack of investments in exploration and extraction in Argentine is right now imputable to a bunch of spanish investors. Even if it doesn't change a thing to the extraction rate, the ones to blame will at least be in Argentine.