To stop the speculation of the price oil, should the US just nationalize the oil industry?

25 Responses to “To stop the speculation of the price oil, should the US just nationalize the oil industry?”

  1. semper_paratus_1776 Says:

    Sure and they’ll wind up like Fannie Mae and Freddie Mac not to mention the Social Security Fund. Remember, it’s the same government who took care of New Orleans when Katrina hit. Pretty good track record.

  2. cvq3842 Says:

    No. How would this be done? By making the purchase and sale of oil futures a crime?

    And how would the businesses be "nationalized?" Under our Constitution, property cannot be taken without just compensation. Where would the government come up with the trillions of dollars to pay the shareholders of these businesses. And where does the government have the legal authority to run an oil business?

  3. jimmymorrison@ymail.com Says:

    no! we are not a socialist state!

  4. Daniel Says:

    slowly, or else we will all be stuck at home

  5. shatnerpossum Says:

    Yes. Thats something I’ve been advocating for a while. But everyone seems to hate it.

  6. pterry0404 Says:

    The question is not about oil the question is about after oil

  7. jo-jo Says:

    by the time we could nationalize the industry 10 years would go by.
    its time to look into alternative fuels

  8. Staszek G Says:

    I dont think its gonna get us anywhere Poland has it Nationalized or partially Nationalized butI dont belive it will take us anywhere !

  9. hammer Says:

    I think this would be a good idea. BUTT, the big butt, there are always little pieces of information that the government is aware of and I am not, so while I think these guys are idiots for working with a world market…they might know exactly what they are doing and we all just have to deal with the prices the world market comes up with.

  10. Philip McCrevice Says:

    No.

    First, it’s socialism bordering on communism.

    Second, can you imagine any business run by the desk jockeys in DC?

  11. oldmarine08 Says:

    That’s what Obama is trying to do, he wants to tax profits, thats a page right out of the socialist playbook, so you might as well Nationalize it.

  12. asteroid camper Says:

    OBAMA HAS A PLAN TO DO THAT WITHIN 3 YEARS OF BECOMING PRESIDENT.

  13. thethunderlizard2002 Says:

    That whole concept of yours if illegal and unconstitutional at best. What are you from Russia or Venezuela? You are either kidding or you are definitely an Obama supporter as you want to steal something from someone else and give to others, something which you did not create just because you cannot create something yourself and you have been raised in a welfare family I bet. You sick pup for even bringing this type of question up here in America. Take a hike you communist.

  14. Michael H Says:

    That is about the most un-American idea I have ever heard!

    Maxine Waters wanted to do just that and she is an idiot.

    When you take the free enterprise out of this country, then you destroy America. This country was founded upon conservative, rugged individualism principles and it should move back to that philosophy instead of moving to a ideal that Europe is fast moving away from because it did not work!

    MADE IN AMERICA should be the most powerful words in the world and a nationalized oil industry prevents that from happening.

  15. C V Says:

    No, but we should turn out the politicians who made it possible for the run-away speculation to take place. A few weeks ago Bush said Wall Street "got drunk", and that’s what caused the mortgage bubble. This was not an inaccurate analogy, but what he left out is that it’s the government’s responsibility to make sure Wall Street doesn’t "get drunk." Yet, less than a year later they’re doing it again – speculating on oil futures. The American people should be up in arms about this, but the politicians (Republicans and Democrats) keep sending up smoke screens (such as off-shore drilling and alternative fuel sources) so they don’t offend their top contributors.

  16. Pro Deus Et Patria Says:

    No, I don’t agree with nationalizing oil. Talk about corruption city, like we already don’t have that running rampant enough.

    Speculation isn’t what is driving the price, it’s demand. Speculation exists but it probably represents $15-$20 of the price right now.

  17. Jonathan H Says:

    This is one area that is to important for free markets to control, the price of oil effects everyone.
    To keep the country going foward the Government should control oil prices.

  18. conservative_patriot Says:

    Are you stupid? Oil prices are now going down you fool, it’s being speculated in the other direction!

  19. koffea Says:

    nationalize the oil industry, what a happy thought indeed. They do such a good job with everything else.

  20. Old Patroon Says:

    NO!!

    We are not communists!!

    Besides…..speculation plays an incredibly important role in our economic system. Learn about it and you will see.

  21. King Of Perk Says:

    I think we have no choice, the oil companies have proved that they do not have the peoples interest in mind, forget the people but what about other industry? why is oil only allowed to profit and no one else? I think when a single oil company has a profit size which is about 50 percent of the entire economic stimulus of 2008 we have what I call a ruthless enterprise hell bent on looting the people. I don’t think an oil industry should be nationalized but i think the profits should be capped I mean oil does not operate in a free market economy, its subsidized by the government, so already this is a socialized function, why should they be subsidized by the government(the people),allowed to steal from the people and not give any back?

  22. Shanarra Sage Says:

    The price of oil from overseas has come down considerably multiple times. It’s not until the greedy rich jerks over here get a hold of it that the price is driven up so considerable.

  23. namsaev Says:

    Considering the US Governments record for running anything, (Amtrak, Medicare, Medicaid, and Social Security) I think that’s a bad idea.

  24. joeanimal Says:

    i recently recieved a letter from my Congressman and Senator about the Oil Spaeculation, and The Enron Loophole~!!!

    Congress of the United States
    House of Representatives
    Commitee On Agriculture
    Commitee On International Relaations
    Commitee On Small Business_________________________________

    You may be interested to know that i recently sent letters to the President, the Secretary of Energy, and House Leadership requesting
    that an emergency summit be convened to examine the rising cost of petrolium and gasoline. As i mention in the letter, I believe the urgency
    of the circumstances warrants a new biartisan approach between Congress and the Administration, experts, analyst, and business leaders.

    Also I am cosponser of the (Close the Enron Loophole Act}, which is designed to prevent price manipulation and excessive speculation in the trading of energy comodities. THIS PROVISION WAS INCLUDED IN THE FARM BILL. I believe that this change will help increase transparency in the petrolium market and potentually reduce speculation.

    THE FARM BILL also reauthorizes and strengthens the Commodity Futures Trading Commission. The Legislation also increases penalties for market manipulation.

    Sincerely,

    Member of Congress

  25. ladyshondra Says:

    i see that you have fallen for the CPUSA’s press and their agenda!

    Is the Democrat Party the CPUSA in Disguise?

    It’s no secret that Democrats are liberal, but when you peel away their devotion to environmental policies that have left America vulnerable to foreign nations on whom we depend for the importation of oil, what has been revealed is an intention to nationalize our nation’s oil industry. That, simply stated, is communism.

    One might expect members of the Communist Party USA to advocate the nationalization of our oil companies, but hearing it from the lips of Democrat Party members of the House of Representatives should send a chill of fear through every American.

    At a June 18 press conference, however, Rep. Maurice Hinchey (D-NY) called for the government to nationalize and own refineries, threatening U.S. oil companies with nationalization. “We should own the refineries. Then we can control how much gets out into the market.” Earlier, Rep. Maxine Waters (D-CA) had also threatened oil company executives with nationalization.

    http://www.newsbull.com/forum/topic.asp?TOPIC_ID=63720!

    it is not hard to see where you get your talking points but you should learn more of history and what you are really purposing as well as what it would mean to America if you should be able to implement this plan. i hope that you will do some more research and really learn what it would mean.

    ask a cuban, they can tell you.

    http://www.youtube.com/watch?v=L0GeVdrPxSw