Forget AIG, Let's Take Over ExxonMobil Instead
by Lloyd Alter, Toronto on 09.23.08
Frances Chapman at SolveClimate has an interesting question: Why invest in losers? if you are in the nationalization business, why not go after a winner, and solve climate turmoil instead of financial turmoil? Why not nationalize Exxon-Mobil? She writes:
"But that’s socialism, you object. That’s what Hugo Chavez did. Some would say he was just putting “Country First,” protecting his country’s resources. We can debate that later, but until we do, keep in mind national oil companies manage over 90% of the world’s oil, and 16 of the 20 largest oil companies in the world are state owned or controlled."
She concludes:
"The danger of global warming is as grave a threat to our country’s and our world’s future as the meltdown of its credit markets. What’s more, the bill for the financial bailouts is likely to constrain new environmental programs and incentives in the next administration. Let’s use this moment to intervene and punish the worst of the worst.
If we nationalized AIG, we can nationalize ExxonMobil. We don’t have to create an entire command economy to take a big stick to a company that actively delayed a response to global warming by funding climate change deniers, that continues to fight payment of damages for despoiling the Prince William Sound after 20 years, and has proved again and again it can’t be trusted to protect our environment. It persists in business as usual as people here and abroad move to a green economy. A take over will signal that the United States is serious about transitioning off of fossil fuel. More immediately, “take over Exxon” has the same shout-out-the-car-window ring to it as “drill, baby, drill,” and makes more sense. It lets environmentalists stop playing defense and start making a winning demand. "
Great idea from Solve Climate
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I have a better idea. Lets nationalize websites. No?
When the Nazis came for the communists,
I remained silent;
I was not a communist.
When they locked up the social democrats,
I remained silent;
I was not a social democrat.
When they came for the trade unionists,
I did not speak out;
I was not a trade unionist.
When they came for the Jews,
I remained silent;
I wasn't a Jew.
When they came for me,
there was no one left to speak out.
All nationalized oil companies become bloated, inefficient, and full of politics. Their resources are diverted to populist political projects, and the more money the government gets directly from resources instead of from taxes, the less it feels like it has to address the people's concerns. That's a BAD BAD BAD idea.
Satire people...
It does provide some perspective on the MOAB and our "go big or go home" mentality.
Maybe Treehugger should buy out Exxon and turn it into a green energy company. You could get other environmental organizations to help you out.
I'm mostly kidding. But I've often wondered what would happen if environmentalists took over the oil companies. And I think I heard somewhere that oil companies have bought patents to green technology, but more to repress new technology than to invest in alternative energy. If environmentalists took over a major oil company, they might be able to put those patents to use rather than repressing the technology. Is this a crazy idea? I don't know much about corporate takeovers and stuff. Would anything I suggested be illegal? We're the ones who actually care where energy comes from, and would be less likely to go for easy options. I guess finding the money would be the hard part.
Now, the trick here is that you assume nationalizing Exxon would actually help. Wouldn't that require that the government actually care about the environment? It clearly doesn't. If any lesson could be taken away from the current economic meltdown, it's that the Republican party believes that Greed is Good at All Cost.
In reply to Kent:
Don't be a twit. Yes, the Nazis were socialist. But socialsts aren't Nazis. Most of Europe is pretty socialist. Canada is pretty socialist (we even have a socialist party with many seats in parliament, and it's the ruling party in some provinces). Many countries in South America are socialist. And 90% of oil producing countries are socialist enough to have nationalized their oil companies. But are they exterminating the residents that don't conform to some wacko genetic ideal? No. None of them are. To say that socialism always equates fascism, racism, and "a final solution to the jewish problem" broadcasts your complete ignorance of politics.
Why does the author proclaim that people should buy the stock and donate the dividend to X cause?
Also god forbid that someone invent a very very cheap oil substitute, the gov't would ban instead of weaning itself off the oil revenue it enjoys.
That and let's remember that when you factor in the mineral leases, Corporate taxes, and dividend taxes, it's likely that ~50% of XOM's EBIT is already going to the gov't.
Norway did it. Norway is now fantastically rich, with free college education. Seems to work.
Naitonalizing is a non-starter, but I think a comprehensive investigation should be made into government subsidies of the oil companies, and perhaps they should be required to repay them. Higher taxes on corporate profits would be a painless way to do this.
Comparing the nationalization of companies to Naziism is a hideous insult to the victims of that horrible menace.
Forget about nationalizing the oil companies, and let's work on making them irrelevant instead. As soon as the government derives profit from oil, it ceases to have an interest in reducing oil consumption. Look at cars in China, where the government has a stake in the car industry.
"I heard somewhere that oil companies have bought patents to green technology, but more to repress new technology than to invest in alternative energy. If environmentalists took over a major oil company, they might be able to put those patents to use rather than repressing the technology."
Kind of like how Exxon produces batteries for hybrid cars?
Ernie. Ok. When they come to take away your business, I'll remain silent.