Time to Nationalize our Oil Companies?

[ErikJ]

good article yesterday on a trader website by a trader of some sort. Some of best excerpts.

Don't Tax Oil Companies - Nationalize Them!
Thursday May 19, 2011 - 09:36 AM EDT Trading Goddess
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The average cost of producing 1 barrel of oil was $11 (THAT IS ELEVEN, NOT A TYPO!); the average price of the oil in the marketplace–$92– some 8.5 times the cost of getting the oil out of the ground.


That is (and I cannot emphasize this point enough) 8.4 Million barrels LESS oil PER WEEK (11.3%) being imported than this time last year, WHEN OIL WAS $67.15.
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Clearly the current situation does not lead to oil companies developing safer, cleaner, renewable means of energy - they've had 100 years to do it and we're still using oil. In fact, their massive profits lead them to undermine those developments when they occur and to lobby against sensible measures like conservation or pollution controls. The oil scam is just too damned profitable and the money is too corrupting so, if the American people want to stop losing this game day in and day out - WE HAVE TO END THE GAME!

http://markets.financialcontent.com/pennwell.ogj/news/read?GUID=18502540