“This is the problem with state-owned oil companies.”
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Look at any state-owned enterprise and compare its productivity pre- and post- nationalization. In every case, productivity falls precipitously. After all, once incentives are removed, why put out any extra effort beyond the minimum? That’s the story of Communism in every Communist country.
That’s also the reason all these failed Commie regimes eventually begin to offer the poor (everybody) the right to practice limited capitalistic endeavors (e.g., little roadside shops) which always succeed beyond anyone’s expectations. Anything to get some money back into the system, even capitalism.
“Atlas Shrugged” should be required reading for all the thugs, Hugo Chavez, Hugo Putin, Hugo Obama, etc.
They don’t care about the consequences. It is all about “fairness”... Just ask Obama...