Well, when I saw the headline, the very first thing I thought was “but it’s worked so well for Hugo Chavez!”
Actually, given the amount of control that the government exerts over the oil industry as it is now, it’s pretty close to being nationalized. With the exception of the fact that the shareholders get to keep their profits, or at least a portion of them.
Where are Hank Reardon and Ellis Wyatt when you need them?
Mark
Outsourced to countries with more favorable taxes and less regulation. Wyatt has lots of good raw materials in the Canadian oil sands...easier than his first cut at oil shale. Hank is making Reardon metal in a place not infested by unions.