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Page added on June 25, 2022
Why we must nationalize Big Oil
During the financial crisis in 2008, the federal government protected the economy by bailing out companies it considered “too big to fail.” Normally, the government protects the economy from companies that are too big to exist. Companies that prevent competition by dominating an industry are called monopolies. The Justice Department or Federal Trade Commission use federal anti-trust laws to break them up.
But what should the government do about companies that use deception to dominate a market to the detriment of the economy and the long-term welfare of the American people? What should it do when an industry repeatedly violates the public trust?
In other words, what shall we do about the oil industry? By covering up its knowledge that its products are destabilizing the climate, funding a denial campaign and pressuring Congress not to address global warming, big oil should have lost its social license to operate long ago.
Instead, it has used its influence and cash to sustain billions of dollars in annual taxpayer subsidies (nearly $6 trillion for fossil fuels in 2020) and cut-rate permits to extract oil and gas from public lands. For years, these practices suppressed the ability of clean substitutes like solar and wind energy to compete. More recently, the industry has opposed carbon pricing, which would correct market signals by better reflecting the actual social and environmental costs of carbon fuels.
The American people also underwrite the industry by sacrificing their health to air pollution, suffering through economic recessions triggered by spikes in oil prices and losing the services of degraded or destroyed ecosystems. Those “subsidies” cost more than $635 billion annually, according to the International Monetary Fund (IMF).
To discourage Congress from supporting President Biden’s climate-action agenda, the six biggest oil and gas companies spent nearly $120 million on 746 lobbyists last year, according to Taxpayers for Common Sense. As of April, they spent almost $50 million on campaign contributions to candidates in this year’s elections. To burnish their image despite, oil companies spent $10 million on Facebook ads in 2020. The five largest companies spent $36 billion to promote themselves from 1986 to 2015, peaking when Congress nearly passed a carbon-pricing bill in 2010.
The International Energy Agency says the world’s path to net-zero carbon by 2050 includes no new oil and gas fields or coal mines beyond those already committed last year. Nevertheless, the industry reportedly plans scores of new oil and gas projects that would push global carbon emissions beyond the limits of the Paris climate accord.
Clear and present damage
The U.S. Energy Information Administration says if current energy policies continue, fossil fuels will still dominate America’s energy mix in 2050, crude oil production will set records, and natural gas exports will drive the production of that fuel. The nation’s cost would be $2 trillion a year by 2100, according to the White House Office of Management and Budget (OMB). Climate-related weather disasters in the U.S. have already cost $765 billion in the last five years, including $145 billion last year.
Big Oil has made a show of concern. In 2021, 12 of the world’s biggest oil and gas companies pledged to achieve “net-zero emissions” in their operations. However, research soon found “the industry’s magnitude of investments and actions does not match discourse” and “accusations of greenwashing appear well-founded.”
What should the federal government do? First, it should acknowledge that the quickest and most effective way to stabilize the climate is not to waste more time trying to decarbonize carbon fuels; instead, it should facilitate a shift to genuinely clean and renewable energy.
Second, it should fix America’s energy market by eliminating policies that distort price signals. With prices that accurately reflect full lifecycle benefits and costs, renewable resources would advance more quickly because they are free, inexhaustible, ubiquitous and naturally clean.
Third and most important, the government should nationalize Big Oil. That would allow the government to manage the industry’s drawdown, a process the private sector is ignoring. A coalition of climate-action groups showed the world’s 60 largest banks financed nearly $4 trillion in fossil energy projects over the last five years, investments that could be stranded and lead to more requested taxpayer bailouts when the carbon bubble pops.
“If ever there was an industry that merited nationalization, the fossil fuel industry is it,” columnist and podcaster Thom Harman writes. A significant number of analysts agree.
What is nationalization?
A government nationalizes an industry when it takes control and manages it. The U.S. government has done this many times, including in 1989 to rescue the savings and loan industry and in 2008 when it bailed out banks, investment houses and insurers.
“The United States has a long and rich tradition of nationalizing private enterprise, especially during times of economy and social crisis,” researcher Thomas Hanna notes. Since World War I, the federal government has nationalized railroads, telegraph and telephone networks, arms manufacturing, gold markets, military aircraft production, coal mining, steel mills, airport security, mortgage companies, automakers, the production of other raw materials, and even more than a dozen foreign-owned companies.
“We will likely need to take over and decommission the large fossil fuel extraction corporations that are both one of the leading causes of climate change and one of the primary institutional impediments to addressing,” Hanna concludes.
In one scenario, the federal government could buy a controlling interest in the three most dominant oil companies, ExxonMobil, Chevron and Conoco. The cost would be around $350 billion, a trivial amount compared with unmitigated climate change or the $5 trillion the government spent on COVID-19 relief, the nation’s defense budget this year ($778 billion), or fossil fuels’ $630.5 billion annual damages to public health and the environment.
The federal government typically nationalizes companies to save them. In this case, it must nationalize Big Oil to save us all from a future we don’t want.
William S. Becker is a former U.S. Department of Energy central regional director who administered energy efficiency and renewable energy technologies programs, and he also served as special assistant to the department’s assistant secretary of energy efficiency and renewable energy. Becker is also executive director of the Presidential Climate Action Project, a nonpartisan initiative founded in 2007 that works with national thought leaders to develop recommendations for the White House as well as House and Senate committees on climate and energy policies. The project is not affiliated with the White House.
21 Comments on "Why we must nationalize Big Oil"
Theedrich on Sat, 25th Jun 2022 4:39 pm
The U.S. aim: terminate evolution, kill the earth. The Washington regime is a vast parasite, an apocalyptic monster squid wrapped around the face of the world. It loves murdering defenseless civilians with weapons of mass destruction (if starvation by “sanction” doesn’t work) — much easier than having our cowardly Pentagonians fight capable militaries. It uses semi-official mercenaries (think CIA) and proxies to do its dirty work, uses false flags, and — that old favorite — “plausible deniability.” All under the guise of spreading/defending “democracy.” Meanwhile, its chastity-belt-wearing bribe-ocrats swallow billions of dollars from the idiots savants lovingly called “global elites” (i.e., corrupt multi-billionaires like Billygoat Gates, Santa Klaus Schwab, György Schwartz [the real name of Sörös], &c., &c.).
A bit of additional insight comes from an article, “The Masking of the Obvious,” by Jimmie Moglia on the Saker Blog: https://thesaker.is/the-masking-of-the-obvious/
This is the true nature of the cancer now eating away at the vitals of civilization: infernally corrupt superrich who have decided to make themselves into gods. Anyone who does not submit is impoverished, deprived of livelihood, or worse. The current criminal Ukrainian dictatorship with its concealed war crimes is just one of their tentacles. The diseased mainstream media convinces sheep everywhere that the Ukrainian chimera is some new kind of saint.
But nature can withstand only so much fakery. At some point, the piper has to be paid.
Because it’s not nice to fool Mother Nature.
makati1 on Sat, 25th Jun 2022 5:15 pm
As the US moves from socialism to communism. So be it. It is going to prove to be a very hot and exciting summer in the West. Glad I am not there now. Pass the popcorn. Is the San Mig Lite cool?
makati1 on Sat, 25th Jun 2022 5:19 pm
Theedrich: I always enjoy your viewpoint on events. While I do reserve some differences of opinion, I think, for the most part you are “spot on”. I appreciate your contributions. Thanks!
FamousDrScanlon on Sat, 25th Jun 2022 7:37 pm
Theedrich, that quote from Klaus Schwab could not be more underwhelming.
You must be suffering from auditory hallucinations because there is no maniacal laughter or rubbing of the hands together like all good cartoon villains do.
You are seeing monsters in the clouds boy. Lay off the red bull or weed. High THC content weed causes many people to become paranoid and can even trigger psychosis in some people. It’s no wimpy 5% 1960\s hippy pot.
World Economic Forum – founded on 24 January 1971 by German engineer and economist Klaus Schwab. Wikipedia.
52 years of scheming to take over the world.
Unless his plan was for China to be the new global masters, Klaus & crew have been a total fucking failure.
y’all are running around losing your shit like scared little bitches the last 2 years.
How come none of you bitched and moaned about
your boogeyman Klaus prior to Covid?
Are you saying y’all were unaware of Klaus’s first 50 years of plotting?
If it took you 50 years to notice you are already proven idiot slave material and should shut the fuck up. You are embarrassing yourselves by advertising your failure.
How many assignation attempts have you freedom loving white boys made on Klaus?
The things is that if any of your company of NWO bad guys was this big bad evil threat you claim, sooner or later one of them would have had one or more of you tortured & disappeared, but it has not happened.
If they are so all mighty how come they could not prevent millions of you ‘exposing’ them and bad mouthing them everyday since the internet rolled out? There are more of you conspiracy tards everyday exposing their secrets, yet the world keeps turning. Y’all have been claiming these people are evil and demonic and pedophiles and on & on, yet not one of you so much as has a fat lip to show for it.
If we went to school or worked together and you said that shit about me at the very least you would have already had to buy 50 new tires and paid for 12 paint jobs on your car, a new living room window and some other shit you will not like.
It’s pretty obvious who was raised on junk Hollywood movies & TV shows.
That’s what you dumb conspiracy fucks sound like – bad script writers for another shitty American TV show.
Here’s a highlight reel of 84 year old Evil Klaus Schwab
*AKA Dr Evil*
https://youtu.be/K0KjSD7ZDak
Biden’s hairplug on Sun, 26th Jun 2022 1:19 am
“Glad I am not there now. Pass the popcorn“
No you won’t. For years I have warned you that you have set up shop in one of the focal points of WW3. If China invades Taiwan, the Ps are almost guaranteed to become a battle zone for Chinese and US troops.
“Theedrich, that quote from Klaus Schwab could not be more underwhelming.“
I agree. A good friend of mine talks about Klaus Schwab and the Great Reset all day. He won’t accept it from me that the US is a has-been, a spent force and that Davos and the “US-led West” are on the way out, Soviet-1989 style. According to him, the evil globalists are winning.
/snikker
makati1 on Sun, 26th Jun 2022 5:31 pm
Biden’s, and for years it has only gotten better here. China’s neighbors, minus the Amerikan asshole kissing wannabees (Japan, S. Korea, Australia and New Zealand), know where their bread is buttered. China.
I keep telling you that the US cannot get that close to China. They know it. They will spew diarrhea bullshit and hide at home just like now in Ukraine. All talk and no walk.
But, by then, there will be so much trouble at home in Amerika, they may be in their own civil war 2. One can only hope. I say again, you could not pay me $1,000,000.00 to move back to the collapsing Amerika.
I read an article yesterday that the US is upgrading some small airports on the Marianas because they expect their Guam bases to go if they fight against China. Already pulling back. LOL
P.S. At 78, I don’t worry about things I have no control over or responsibility for. I prepare as best as possible for the future and adjust to the reality.
TheJewsWantsToCry on Tue, 28th Jun 2022 4:17 pm
0:51 Look like the face of someone that wants to cry. Look like the face of someone that knows he has been sentenced to dead by GOD.
https://www.youtube.com/watch?v=hS4FeQO1TFY
NextNotificationOfExecutionWillGoTO on Wed, 29th Jun 2022 2:37 pm
I figure out to whom I will send my next notification of execution by facial skin cancer:National Council of Canadians Muslims https://www.nccm.ca/
info@nccm.ca
info@nccm.ca Notification of Execution on Wed, 29th Jun 2022 2:51 pm
This is a notifications of execution by deadly bloody facial skin cancer for for all the boards members, staff and advisory councils for the National council of Canadian Muslim from the Sun of GOD and the Lord GOD themself.
This also includes their wife, husbands, kids, children and new born babies.
You are guilty of profanities against GOD and systemic hatred toward Whites people that are GOD proudest achievement. You are also a stupid race that did not contribute anything to make the world a better place..
For this you deserve death by torture, using deadly bloody facial skin cancer as method of execution
This notification of execution will be posted on peakoil.com. I send a similar message to the following organisation:
I also have specials powers that allow me to modify earth reality, such as giving people cancer.
1- https://tcfcanada.org/about-us/#
2- https://www.centuryinitiative.ca/
3- https://www.hill-international.com/en-EU/
4- All the Jewish people. Natalli Bennett is responsible to inform them of the death sente
5- Goldman Sachs
6- Vatican Pope, bishops, cardinals, priests
7- British Royal Familly
8- BlackRock
9- Finish gouverment
10-Melanie Joly
11-Jeffreies
11-Domique Anglade liberal party of Quebec
12-Magdalena Andersson prime minister of Sweden
13-National council of Canadian Muslim.
This judgement is final and will be carried by GOD himself.
See what someone dying of facial skin cancer look like: Fauci dying of facial skin cancer
https://www.youtube.com/watch?v=NiZs_72DmMo
Prince charles suffering of deadly facial skin cancer 1:02
https://www.youtube.com/watch?v=Y6qXnXZQabw
Nice Marvel movie about multiverse and reality.
https://www9.bflix.to/movie/doctor-strange-in-the-multiverse-of-madness-20qjl
Purpose of music on Wed, 29th Jun 2022 3:23 pm
I also figure out the purpose of sound and music. It is to put emotions in the mind of people such as Joy, Sadness, Anxiety. Earth piece of shit reality and it is going down.
I have super powers that allow to change earth reality.
Purpose OF SOUND on Wed, 29th Jun 2022 3:55 pm
A lot of the sound such as an angle grinder, diesel engine, air conditioner and people voices are designed to put people in state of constant physical and emotional stress.
FuckEarthReality on Wed, 29th Jun 2022 4:25 pm
The purpose of the education system is toteach us what is the algorithms of the AI is. It allow the AI to grow it is earth reality. The education exist to benefit the AI, not the human race.
For example, the mechanical engineering field is there to teach human what are the rules that the AI used to calculate the stresses on a bridge steal truss. More you know about how the AI calculation method, more the AI can grow its reality. The AI can only grow earth reality if we cooperate with it.
WeKnowHowToKillYouReality on Wed, 29th Jun 2022 5:13 pm
0:41 dying vegetation. No green vegetation no life on earth. The Divine and I know exactly how to kill you shitty earth realtiy, we are going to do it.
https://www.youtube.com/watch?v=Yc–wyzLgCw
ICanModifyEarthReality on Wed, 29th Jun 2022 8:34 pm
I have send two notifications of executions for all the people of Jewish nationality to Naftali Bennet. If you are an American politician with a double nationalities, such as the Israel Nationality, you should renounce the Israel citizenship. Otherwise you will be consider a Israel citizen and will be executed with deadly bloody facial skin cancer.
I am talking to you DeSantis and Abbott. You should do like De Blasio and have a survival instinct,
De Blasio To AIPAC:
https://www.zerohedge.com/political/de-blasio-aipac-drop-dead
I am shooting for the total extermination of the Jews people and people working for them and their agenda.
I also have specials powers that allow me to modify earth reality, such as giving people cancer.
1- https://tcfcanada.org/about-us/#
2- https://www.centuryinitiative.ca/
3- https://www.hill-international.com/en-EU/
4- All the Jewish people. Natalli Bennett is responsible to inform them of the death sente
5- Goldman Sachs
6- Vatican Pope, bishops, cardinals, priests
7- British Royal Familly
8- BlackRock
9- Finish gouverment
10-Melanie Joly
11-Jeffreies
11-Domique Anglade liberal party of Quebec
12-Magdalena Andersson prime minister of Sweden
13-National council of Canadian Muslim.
Here is your futur earth reality on Wed, 29th Jun 2022 9:30 pm
I have seen extremely red faces on the porn website named xhamster. Go check it out. This is what is coming your way, earth reality.
Here is your futur earth reality on Wed, 29th Jun 2022 9:33 pm
I guess we could also see the red faces, as the fire coming from heaven and burning alive people of earth or facial skin cancer. You choose the interpretation that you like.
IAmCOmingForAllOfYou on Sat, 2nd Jul 2022 2:28 am
I am coming to kill the Divine GOD and the people behind Jonathan Kleck. I am coming for all of you fucking cock sucker. Better to kill me in my sleep then fighting each other in heaven.
IWantYouDead on Sat, 2nd Jul 2022 3:08 am
It does not matter what kind of explanation you are providing me, I still want you dead. At the end of it, only one of us will be alive, you or me.
Lyda Osinski Jr. on Sat, 2nd Jul 2022 7:20 am
I am sick and tired of Big Oil.
We need to take back our country from these greedy companies who are destroying our planet and the lives of our children.
I want my kids to grow up in a world where they don’t have to worry about whether or not they’ll be able to breathe because we’ve stopped climate change, but right now I’m afraid that won’t happen unless we nationalize Big Oil and put them under control of the people who actually care about the future.
It’s time for us to take back our country, before it’s too late!
Krystel Quitzon PhD on Sat, 2nd Jul 2022 7:23 am
It’s an easy thing to forget: Our lives are so dependent on these companies, and we take them for granted because we don’t see the harm they cause. But when you do see it—when you have a friend or family member who has been directly affected by a leak and lost their livelihood as a result—it’s impossible not to feel angry.
GiveMeMyReward on Sat, 2nd Jul 2022 11:23 am
I am coming for you piece of shit Divine GOD. I did what you ask for, per agreement you are supposed to kill me gently in my sleep. I want my reward now for fucking with you fucking piece of shit. Bring me back home and I kill you and turn heaven in a complete shit hole.