… is surprisingly simple.
Open up the protected reserves we have to offshore drilling. They are our natural resources, after all, and better we should rely on our resources in the short term than on other nations, particularly nation-states not friendly to us.
Then nationalize the production – i.e. cut out ExxonMobil (ticker: XOM) and the other energy companies.
Nationalize it, use it as a jobs program to create lots of additional jobs that out of work Americans need.
Nationalize it, and divert all the profits from $140/barrel oil to the national debt. Don’t subcontract out to the private sector and push profits to private industry which clearly does not need them. Yes, they may have expertise, but so what? Hire away their experts.
There are, by some estimates, 28 billion barrels of oil out there that are currently under moratorium.
At $100/barrel, significantly under today’s prices, you’re talking enough money to destroy 20% of the national debt.
Open up, drill, create jobs for Americans, nationalize the profits, and use a limited natural resource to start freeing future generations of Americans from the debts we’ve created.
I’d like to think this proposal gets the most out of our limited resources. More jobs for Americans, money for energy staying in America instead of going overseas, profits from oil going not to the private sector which shouldn’t get a dime, but to the national debt.
Disclosure: I’m thoroughly unqualified to be speaking on the topic. Never took geology, don’t know a thing about oil production beyond the basics of refining, and never studied economics. That puts me at roughly the same level of expertise as your elected representatives.
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