The Economy

Nationalized Oil To Fund Climate Change Efforts

Congress has voted to place ExxonMobil, ChevronTexaco, and other major oil companies under public stewardship, with the bulk of the companies’ profits put in a public trust administered by the United Nations, and used for alternative energy research and development in order to solve the global climate crisis.

While unusual, this is not the first time the government has chosen to take control of large corporations. From 1942 to 1944, U.S. car factories were retooled in order to produce tanks for the war effort. And Fannie Mae and Freddie Mac were both created as “government sponsored enterprises” with a significant amount of government oversight.

“We can do what needs to be done,” said Senator Charles Schumer, Democrat of New York. “Our planet’s survival is at stake. Plus, public pressure hasn’t given us much of a choice.”

Not everyone felt the move was a good idea. “The climate crisis may or may not be real,” declared Senator Kay Bailey Hutchison, Republican of Texas. “I’m an agnostic and I’m staying that way. But sea level rise has been overblown. And one thing I’m sure of, is that nationalizing private industry is just another name for theft.”

“The private oil interests have been involved in theft for decades,” responded Deputy Under Secretary of the E.P.A. Gavin Newsom. “They’ve stolen our air, our oceans, our health, and our land. They’ve proven they can’t run their business without massive theft.”

“If we’re going to give corporations the same rights as people,” said House Speaker Nancy Pelosi, “then we need to hold them accountable like people. When parents abuse their children, the government takes over. When oil companies abuse the planet, the government needs to take over too.”

Arco C.E.O. Rex W. Tillerson was philosophical. “We fought this long and hard. We did everything we could do. But do we want more blood in the streets? Or do we want to move on?”

“You can’t fight the street,” said Mr. Newsom. “The people are going to do what the people are going to do. And the oil companies are just going to have live with it.”

43 Comments so far ...

You gonna nationalize Saudi Arabia and Venezuela too?

Comment on November 12, 2008 06:39 pm

Well it’s about time! We’ve been advocating for this for years. Frankly, we never thought Pelosi and Schumer would come around. Boy, are we surprised!! Now, about those water privatizers…..

Comment on November 12, 2008 08:21 pm
3. bob

Get a life you communist crackheads

Comment on November 13, 2008 02:23 am

Mr. Rex Tillerson is a liar! In an unofficial press release from may 2007, he said he would fight this battle to the bitter end, no matter how much blood will be shed!!

Comment on November 13, 2008 06:34 am

Where is the article about Nicola Tesla and censored energy technologies? What about the creation of the “Petrodollar”,the Balfour Declaration, and the creation of Israel on behalf of the Rothschild Banking Dynasty? And of course an article about the 9/11 false-flag state sponsored terror event which justified the “War on Terror” and the Patriot Act in order to stop oil rich countries from selling oil in currencies other than the dollar. This may be a spoof publication but it isnt really any different than the real one. Like a Micahel Moore movie, keeps people from digging deeper.

Comment on November 13, 2008 06:54 am
6. meme

Hey fatman, you’ve* done your best to nationalise Iraq (in a Capitalist way); why not SA and V?

*not you personally. or have you?

Comment on November 13, 2008 08:23 am
7. Josef_gotlib

Nationalizing Russia would be slightly more difficult. nuke them?

Comment on November 13, 2008 10:03 am
8. Mary

Venezuela has already changed their law so that most oil profits go into building schools and health clinics. Saidi Arabian citizens also get a cut of their national wealth. We here need only worry about our own comanies–better late than never!

Comment on November 13, 2008 11:14 am
9. Buck

Nationalized oil will be as good as the public school system and the Social Security system. Oh, did I mention that these are two programs that are constantly on the verge of running out of money and always begging for more from you and me. Our banking system is being nationalized, soon the auto industry, so that we can all have cars that only a puny percent of green wackos want. But what would we need oil for if everybody had an eco-friendly car, then we wouldn’t have an oil industry any more and no more funding for alternitive energy, no more climate crisis and we can all ride in a horse and buggy.
You idiiots, think.

Comment on November 13, 2008 01:16 pm
10. carlos vigueras

Nationalized oil in all the producers oil countries is the answer to
faith against the cruel privatizations. No more privatization in countries like México,this create more poverty, corruption and inequality.
La nacionalización del petróleo en todos los países petroleros es la
respuesta a las crueles privatizaciones. No más privatizaciones como
las de México, esto crea más pobreza, corrupción y desigualdad.

Comment on November 13, 2008 02:02 pm
11. Oh...

Nationalize the oil industry? Like China, Venezuala, Russia…are these our role model states, because the quality of life is just so fabulous in these countries? We think it is okay that when individuals take on tremendous risk to build up successful businesses through creativity, industry, and competitive spirit, we, “the people”, can take all of that away because we feel we deserve to control their profits more than they do? Do we really beleive that oil companies will be as successful if taken away from the private sector by force (because nationalizing industries has just been so successful in other dictatorships and authoritarian regeimes?). This is crazy talk…

Comment on November 13, 2008 02:11 pm
12. Fat Cat

Maybe we can’t nationalize every oil company, but perhaps we can set up some sort of barter system wherein we exchange blood for petroleum.

Comment on November 13, 2008 03:41 pm
13. Henry Ford

What a bunch of nonsense not worthy to be printed! The author must be a pitiful and misguided communist sympathizer. The USA does not need anything remotely similar to what this article is advocating. What this article is advocating is communism. United Nations to administer the oil profits trust? Give us all a break. Please….

Comment on November 13, 2008 03:45 pm
14. Oak Tree

Give us a break. We (the US) are 4% of the planet’s people, and on any given day we suck up anywhere from 25 to 40% of the world’s resources, you know oil, gas, iron ore, coal, bauxite, copper, etc. What the hell are we doing in Iraq, couldn’t be the oil underneath their sand, the second largest proven reserves on the planet, could it? Damn straight, we either nationalize the oil giants or use the Sherman Anti Trust Act to break them up. You can’t see the ugly results of all the corporate mergers and acquisitions of the last twenty years, wake up and smell the tea, we’re living in a corporate controlled Fascist state with an economy in free fall. When you look at the criminal pathological behavior of today’s corporations, it is no different than a psychopath, they’re nothing more than criminal enterprises feasting on a sheep like tranquilized dumbed down population. Get educated, read “The Shock Doctrine” by Naomi Klein and “The Best Democracy Money Can Buy” by Greg Palas. Thank You.

Comment on November 13, 2008 08:02 pm

[...] Ontem quem viu o The New York Times se deparou com essa edição forjada pelo grupo, datada de 4 de julho de 2009, e distribuída nos centros metropolitanos estadunidenses como se fosse o jornal diário. As outras manchetes são impagáveis: “Lei de salário máximo é um sucesso”, “Ex-Secretário se desculpa por armas de destruição em massa”, e no site “clone” do NYT, também feito pelo Yes Men, há matérias como “Patriot Act derrubado!“, “Harvard fechará portas da escola de economia” e “Fundo de petróleo estatal financiará combate ao aquecimento global“. [...]

Pingback on November 13, 2008 08:05 pm
16. Shiner

Pretty good job. The best part is that oil will most definitly be nationalized in the USA in the next 5 years. Bush came on TV today and claimed free market capitolism is great and the world must not even think of turning away from it. Looking at Mr Bush’s track record I would say his statement absolutly assures the world that free market capitolism is dying and will soon have to be replaced.

Comment on November 13, 2008 10:25 pm
17. crusty

The American auto industry will collapse because of unionized labor(socialistic),while foreign auto makers in the non-union shops prosper. The big three employees have killed their own jobs. Socialism/communism causes universal poverty.

Comment on November 14, 2008 02:18 pm
18. History Student

“When parents abuse their children, the government takes over. When oil companies abuse the planet, the government needs to take over too”

Do you know what happens to civilizations throughout world history whenever the people place all their trust in the government? The government is just a body of power manipulated by those cunning enough to do so. Giving more power to government makes the “manipulators” have a stronger tool to use.

Comment on November 14, 2008 02:34 pm
19. Bendover

Why in the h@#$ do you people thing that the government can run anything. Just look at the USPS, SS, Public Schools, Medicare, Medicaid, FEMA, and I could keep going. I dont want the idiots running anything. Government is a zero sum game. They don’t produce anything. They don’t know how to. We are in a sad state in this country and it is because of idiots that think like this.

Comment on November 14, 2008 04:15 pm
20. what's wrong with the usps?

don’t you get your mail 6 days a week? when you send a letter, doesn’t it arrive at its destination, no matter how remote?

as for the other gov’t agencies, if the “free market” people would quit tooling and re-tooling them, limiting their ability to operate for the benefit of their corporate lobbyist friends, they’d be efficient and effective, too.

just ask anyone who’s received aid from medicare or FEMA and see what they think about their effectiveness. they’re probably thankful. if it were up to the “free” marketeers, these programs wouldn’t be in place at all, leaving the millions who benefit to wither and die under the false belief that everyone can “pull themselves up by the bootstraps.”

when will they concede that it takes a large population of poor, deliberately undereducated laborers to make their dreams of getting rich possible?

Comment on November 14, 2008 06:28 pm
21. Saket

BTW oil companies in India were always nationalized and I really don’t see any major complaints from anyone about them.

Comment on November 15, 2008 09:08 pm

[...] The brilliant spoof edition of the “New York Times” that was circulated last week included amongst its many “just credible” stores one that said that “Congress has voted to place ExxonMobil, ChevronTexaco, and other major oil companies under public stewardship, with the bulk of the companies’ profits put in a public trust administered by the United Nations, and used for alternative energy research and development in order to solve the global climate crisis”. Many a true word is said in jest for the reasons given for the “nationalisation” of the American oil giants are actually perfectly valid, as I argued before. . Add to this the reasonable imperative to keep these giants out of the hands of the Russians or the Gulf States and you have a compelling case! [...]

Pingback on November 16, 2008 01:11 pm
23. Reo

Welcome to Amerisocialism……

Comment on November 16, 2008 11:34 pm
24. liam

Do we still have Communist Sympathizers? Dammit! I thought Joe McCarthy got all of em!

Comment on November 17, 2008 02:28 am
25. liam

Oh, and I come from Australia and our socialized medicine is ok thanks. I also think our schools are good, and we react pretty well to crises. I guess its not your government running things thats the problem, its all the f…wits they put in charge (look at FEMA for godsake, or L.Paul Bremer in Iraq) who chooses these people, partisan hacks…..we usually try to put qualified people in our government positions. Not always, we aren’t perfect, but we try.

Comment on November 17, 2008 02:31 am
26. Lewis Beyman

Yep, them damn commies want to spread the wealth. Steal the water and air from the rightful owners, private enterprize. No respect for Private property. Why how could we ever live without advertising telling us what we want. Who could better decide the need for sexy models to sell us our inefficient gas guzzling cars. Hell we are bailing out GM’s so that every American can own a truck. The American standard of poverty is the highest of industrial nations. Of this we are very proud. And look at our educational system. We are so dumb because we don’t let private enterprise run it. And speaking of dumb, look how we gave democracy to Iraq and Cambodia. We are demanding that the Israelites be saved from their Arab oppressors. We are so good. People all over the world loves Ameriscums.. Next we will tackle Iran and Venezuela and make them into Democracies like the USA. Drill baby Drill!!!

Comment on November 17, 2008 04:02 am
27. Lewis Beyman

Really, the only good capitalist is a dead capitalist.

Comment on November 17, 2008 04:07 am

[...] The brilliant spoof edition of the “New York Times” that was circulated last week included amongst its many “just credible” stores one that said that “Congress has voted to place ExxonMobil, ChevronTexaco, and other major oil companies under public stewardship, with the bulk of the companies’ profits put in a public trust administered by the United Nations, and used for alternative energy research and development in order to solve the global climate crisis”. Many a true word is said in jest for the reasons given for the “nationalisation” of the American oil giants are actually perfectly valid, as I argued before. . Add to this the reasonable imperative to keep these giants out of the hands of the Russians or the Gulf States and you have a compelling case! [...]

Pingback on November 17, 2008 07:07 am
29. Brian

Idiots

Comment on November 17, 2008 02:39 pm
30. BillO

Even as a progressive liberal, I’m not too much for nationalising any industry… there is an essential role in innovation, competition, etc. in any economy. That said, the oil companies may be an exception to this rule…. On several fronts, Climate Change, Peak Oil, and National Security… their main interests are really diametrically opposed to all of our interests as planetary citizens and as Americans. As long as they are under private ownnership and direction their interest will be in growing near-term shareholder value and growing their oil consumption/production. Unfortunately, the oil on the planet is limited and will start to run out soon… unless we can convince them on their own to plan a transition AWAY from oil our affluence and climate are gone/cooked. This is a thought provoking entry.

Comment on November 17, 2008 03:39 pm
31. TessyRenberg

If it wasn’t for nationalized industry how did we ever get infrastructure at all in the US? The private companies may have done some projects that served their own interests, but the first electricity, telephone, highways had to be nationally funded efforts. The private industry has a crap record of maintenance on this infrastructure. Nationalized oil has inproved the lives of Norwegians, it doesn’t mean you abandon capitalism. Where are we going to get the money to start building these windmills and solar panels?

Comment on November 19, 2008 05:36 pm
32. Tim

Can’t happen. Won’t happen. You’re only dreaming.

Comment on November 25, 2008 04:04 pm
33. Wind Power

And I think that we should nationalize all of the wind farms in the US so that we can assure that the power generated is distributed equally and fairly across all spectrums of the social-economic structure of the country. But then again I think we should put wind farms off of the coast of Cape Cod so that liberal hypocrites can look at them the same way that those of us who live in the west get to look at them. Probably ought to build a few off of the coast of Malibu, and perhaps even in San Francisco Bay. Seriously if we are talking about nationalizing one industry, why not all industry?

Comment on November 26, 2008 04:29 pm

[...] Times described as a “Grade-A caper” — boldly announced the end of the Iraq War, the nationalization of major oil conglomerates, the elimination of tuition at public universities, and the indictment of soon-to-be-former [...]

Pingback on November 30, 2008 12:02 am
35. JB Saunders

They don’t own the oil. All they do is efficiently extract it. The national oil companies, like Aramco own it.

Comment on December 19, 2008 08:04 pm
36. Texas T-Sip

TO ALL OF YOU “NATIONALIZERS” OUT THERE! I hope you do try to nationalize the oil companies BECAUSE THERE ALL IN TEXAS! And that will be the PUSH TEXAS NEEDS to leave your sorry a$$e$ marooned and cold in Boston and New Yuck. We will just leave the union and charge the hell out of you northern idiots for your energy. Don’t think that Oklahoma, Louisiana, Montana, Wyoming and ALASKA will hang around either. I for one CAN’T WAIT!!

Comment on December 20, 2008 03:46 pm
37. JT

Wow, I guess it is true. There’s no amount of stupidity or ignorance a Texan can’t wander along and top.
I’m not even referring to your horrible grammar and spelling, Tex. Though they are pretty bad. The random caps don’t help either.
You do realize most of the wealth is concentrated in northern states. So are most of the manufacturing plants and the non-petroleum based natural resources.
I think I can speak for most of the evil liberals when I say “Secede. Overcharge us for oil. We’ll just make it up by overcharging you for everything else.”
That said, nationalization of the oil companies isn’t actually necessary. All it would take is the threat of nationalization to make them clean their act up.

Comment on January 1, 2009 09:07 pm

Great news! Incredible news!

Comment on January 24, 2009 06:23 pm

Nationalism = Socialism. Does anyone realize how lousy the government manages things like social security and welfare? Now imagine them running nationalized heath care, and our fuel industry.

The NYT hates texas, Bush, and conservatives. So of course it makes sense they would have a Texan be a dolt. There IS scientific dissent on the global warming escapade, which is all about international control, and international regulations would supersede the US constitution and pave the way for further absorption of American prosperity by global socialists (AKA United Nations).

No to UN theft of any United States company or individual or FREEDOM!

Comment on January 25, 2009 10:27 pm
40. kyler

does anyone see a problem with the fact that this article was published on july 4th of 09? Just curious…..

Comment on March 2, 2009 12:55 am
41. Bob

#1) It’s April Fools Day
#2) Check the “date published” at the top-”July 4,2009″

Being that it’s April 1st, we haven’t gotten to “July 4, 2009″ yet.

That being said, the scary part about this is this is probably going to happen sooner than later

Comment on April 1, 2009 01:43 pm

[...] mai esistite; viene fissato un tetto massimo alle retribuzioni dei manager; è stata scoperta una soluzione concreta e applicabile all’inquinamento”. Il NYT di quel giorno era datato 4 luglio 2009. La notizia del “falso New York Times” fece [...]

Pingback on April 20, 2009 05:56 pm

[...] don’t actually call for a command economy, but they do want to see the oil companies nationalized … I don’t see any reason why they’d stop [...]

Pingback on October 29, 2009 02:24 pm
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