A couple of other nutbags thought of this back in the summer of 2008, when ideas about lifting off-shore oil drilling bans were in the news and oil prices were going nowhere but up. I’m talking about a United States National Oil Company, something to compete on a more level playing field with the Chinese, Russians and Brazilians.
Others argued that even if private companies shy away, national oil groups from countries such as China and Russia remain committed.
A representative in Caracas of one of the state oil companies bidding said in spite of the high costs involved, national energy security is the overriding consideration.
Fast forward to oil approaching $100/barrel and BHO begins to roll out “his” USNOC plan. Finally a nationalization we can get behind? If nothing else it will get us to the bottom quicker (no pun intended).
Hey look at this, more oil in the news…
By Yergin (who is just as credible as anyone else, these days, in my book)
This is where I’m supposed to say something like the sun never sets on the British Empire yadda yadda… better luck next time.