To combat the climate emergency, writes economist Robert Pollin, the federal government should buy 'controlling ownership of at least the three dominant U.S. oil and gas corporations: ExxonMobil, Chevron, and ConocoPhillips.'
working people at the gas pump. The proposal, he wrote,"raises a more basic question: Should the fossil fuel companies be permitted to profitthrough selling products that we know are destroying the planet? The logical answer has to be no. That is exactly why nationalizing at least the largest U.S. oil companies is the most appropriate action we can take now, in light of the climate emergency.
In addition to enabling the government to put the nationalized firms' profits toward a just transition to renewables, Pollin wrote,"with nationalization, the political obstacles that fossil fuel companies now throw up against public financing for clean energy investments would be eliminated." "Private owners and investors are not in the business of temporarily propping up dying industries, which means that they will either work to keep the industry from dying, which is bad for the climate, or that they will refuse to temporarily prop it up, which will cause economic chaos," he wrote."A public owner is best positioned to pursue managed decline in a responsible way.
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