Nationalizing the Oil Industry?

 Posted by on 23 May 2008 at 11:22 am  Business, Economics, Politics
May 232008

Just when you thought American politics couldn’t get any worse, Maxine Waters threatens to nationalize the oil industry, if consumer prices aren’t to her liking:

Of course, Maxine Waters wouldn’t ever support the genuine cure for high energy prices, namely the elimination of government controls on drilling for and refining oil, as well as on other forms of energy like coal and nuclear power. As any semi-conscious student in a microeconomics class knows, such controls constrict supply and drive up prices. But nevermind that mumbo-jumbo. Maxine Waters has a different kind of plan: oil company executives must find some way to magically violate the basic laws of economics — or else!

(Via Kelly McNulty on FRODO)

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