Nationalization of the major public oils will likely become a serious topic.

Perhaps by the time we get to that point - and that's only the "we" that is hashing it out on a forum like this - it will be too late and the decisions will already have been made.

Frankly, I can't imagine they have not already been made. Which sends me back to the current economic collapse. The money seems to be going directly to Wall Street, yet over the past few quarters it's been the biggest energy companies cashing out with record profits.

"Nationalizing the oils" is an ugly concept. OK if you nationalize a company where all of the assets and liabilities are within the nation. Not OK where we are talking about Iraq and other countries.

Nationalize our footprint fine. Dump our trash on others? No way. Of course, that is why we must "support the troops". What heroes.

cfm in Gray, ME

The general rules of realpolitik are:

(1) If the public wants something but the rulers don't, then the bosses pretend to do it. If the rulers want something but the public don't, then the bosses pretend not to do it (usually while everyone's on hols in August). In either case the propaganda gets tuned up sometime in advance.

(2) Nationalise the unprofitable, privatise the profitable.
(Though in this case other considerations could overrule this.)

(3) The propaganda is all about protecting society and especially the ordinary and vulnerable. The reality is about retaining privilege to the already privileged.